Court Deletes Additions on Share Premium Allotment; Valuer's Disclaimer Not a Valid Reason u/s 56(2)(viib.

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....Addition u/s 56(2)(viib) - Value of share premium received on allotment of 31248 shares - Valuation report obtained from the merchant bankers even they have issued a limitations and warrantees to the valuation report. Therefore, the disclaimer of a valuer cannot be a basis for disallowing the proper allotment of shares. It is not a bar on the assessee to issue shares with a premium as per companies Act. - Additions deleted - AT....