https://www.taxtmi.com/caselaws?id=790418 Share premium received in financial years 2006-07 and 2007-08 could not be taxed under section 56(2)(viib) because that provision applied only from 01.04.2013, making it inapplicable to the year of receipt. The assessee's discounted cash flow valuation was also not displaced by any prescribed Rule 11UA(2) method, so the premium could not be treated as nil on that basis. On the alternative issue, the record contained names, PAN, bank statements, income-tax returns and FIRC details, and no section 68 addition had been made by the Assessing Officer; the appellate authority's later invocation of section 68 without prior notice was inconsistent with section 251(2). The addition was therefore unsustainable under either provision. en-us Wed, 22 Apr 2026 00:00:00 +0530 Fri, 24 Apr 2026 08:52:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790418 Share premium received in financial years 2006-07 and 2007-08 could not be taxed under section 56(2)(viib) because that provision applied only from 01.04.2013, making it inapplicable to the year of receipt. The assessee's discounted cash flow valuation was also not displaced by any prescribed Rule 11UA(2) method, so the premium could not be treated as nil on that basis. On the alternative issue, the record contained names, PAN, bank statements, income-tax returns and FIRC details, and no section 68 addition had been made by the Assessing Officer; the appellate authority's later invocation of section 68 without prior notice was inconsistent with section 251(2). The addition was therefore unsustainable under either provision. Case-Laws Income Tax Wed, 22 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790418