Section 56(2)(viib) Addition on Share Allotment Rejected Due to Valid Valuation and Non-Retroactivity

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....The ITAT held that the addition under section 56(2)(viib) on the alleged difference between the fair market value and actual consideration for the allotment of equity shares was unsustainable. The valuation report, compliant with Rule 11UA, established the fair market value at Rs. 200 per share, reflecting intrinsic and prospective value, which was not rebutted by the revenue. Prior acceptance of the same share price in scrutiny proceedings and consistent financial data further supported the assessee's position. Additionally, the Tribunal ruled that the provision under section 56(2)(viib) could not be applied retrospectively to the Rs. 10 crore share application money received before its effective date. Consequently, the additions made by the AO and upheld by the CIT(A) were quashed, and the appeal was allowed in favor of the assessee.....