Dismissing the appeal of the Revenue the Court held that the AO is  not justified in holding that although the assessee had been allotted shares at a concessional rate of Rs. 15 per share, the market price as quoted at the relevant time stood at Rs. 49.45 and therefore the difference between the two figures, namely Rs. 34.45 per share, is  liable to be taxed as perquisite in terms of s. 17(2)(iiia); in light of the restriction with respect to marketability and tradability of the stock in question, the FMV could not have been recognized to exceed the face value of the shares.