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1973 (5) TMI 8 - MADRAS HIGH COURTAssessee owned 500 equity shares and 277 preference shares in Best & Co. (Private) Ltd., Madras, of the face value of Rs. 100 each - articles of association of a private company restricts both transferability as well as the price - whether the value of shares get depreciated and whether break-up method of valuation can be adopted in such a case - questions referred to us are answered technically in favour of the assessee. The Tribunal will have to, therefore, consider the question of allowing depreciation on the value ascertained in this case by the Wealth-tax Officer for the various restrictions contained in the articles of association. However, in view of our rejection of the stand taken by the assessee that the shares are to be valued only at their face value, we direct the assessee to pay the costs of the revenue
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