Section 56(2)(b)(viib) IT Act: Share Premium Justification via DCF Method Upheld; Valuation Report Binding Without Specific Defects.

Addition u/s 56(2)(b)(viib) - rejecting the justification of Share Premium on the basis of Discounted Cash Flow (DCF) method - Observation of the Ld. CIT (A) that the Chartered Accountant has relied on the data supplied by the assessee in this regard is irrelevant in as much as the CA has carried out the valuation in accordance with the prescribed method as per Rule-11UA of the Income Tax Rules, 1962 and, therefore, such valuation report, in absence of specific defects being pointed out, has a binding value - AT .....

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