Held that there had been due and proper application of mind inasmuch as the Assessing Officer had raised direct relevant queries to which the assessee had duly replied as well. The assessee also submitted the computation as to how the assessee derived the amount of the premium which was also admitted by the Commissioner. The assessee also submitted a report of the expert under rule 11UA which fully justified charging premium at Rs. 50 per share. Hence, the Assessing Officer was fully justified in not applying in section 56(2)(viib). There was no valid basis to compute the excessive value of Rs. 1.73 per share which was not supported by any expert report but was based on mere suspicion. Therefore, the assessment order was not erroneous.(AY.2016-17)