Share premium addition under s. 56(2)(viib) quashed; AO bound by Rule 11UA valuation for holding company

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....ITAT allowed the assessee's appeal, holding that the addition made by the AO under s. 56(2)(viib) in respect of share premium received from its holding company was unsustainable. ITAT noted that the deeming fiction under s. 56(2)(viib) does not apply where shares are issued to a holding company and, therefore, the AO lacked jurisdiction to invoke this provision. ITAT further held that once the assessee furnished a valuation report in accordance with Rule 11UA, the AO had no authority to modify or disregard the prescribed valuation methodology, particularly by incorrectly adopting the value of agricultural land from the balance sheet. Consequently, the share valuation adopted by the assessee was upheld and the AO was directed to delete the entire addition on account of share premium, resulting in full relief to the assessee.....