Addition u/s 56(2)(viib) - Method of Valuation - share premium...

Addition u/s 56(2)(viib) - Method of Valuation - share premium receipts - The Tribunal noted that the appellant had obtained a valuation report from a registered valuer, considering both movable and immovable properties owned by the assessee. This valuation was deemed appropriate and in compliance with recognized methods. - The Tribunal criticized the AO's method of valuing the equity shares based solely on the book value, disregarding the registered valuer's report. Additionally, the AO did not refer the issue to a valuation expert, which was considered unacceptable. - Given the discrepancies in the AO's approach and the validity of the valuation report provided by the appellant, the Tribunal ruled in favor of the appellant. The addition of share premium to the assessee's income was deemed unwarranted, and the Tribunal directed the AO to delete the addition.