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of The ITAT held that for determining the fair market value of shares u/s 56(2)(viib) of the Income Tax Act, it is mandatory to follow the methods prescribed u/rs 11U and 11UA. The valuation report submitted by the assessee, which used methods like future earning analysis and adjusted net asset method not allowed under the Rules, was rightly rejected by the AO. The ITAT directed the AO to delete the addition made by treating the share premium and share capital as income u/s 56(2)(viib), as the assessee had discharged its onus by submitting a valuation report as per the prescribed Rules. The decision was in favor of the assessee.
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