The assessee  company charged premium on issue of shares . The AO treated  the difference between the share premium received in excess of valuation as determined under Rule 11UA of the Act amounting to Rs. 16 x 57,477 (Shares issued to resident shareholders namely Sh. Kamal Batra, Sh. Pankaj Sudan and Sh. Pravin Jain) = Rs. 9,19,632/- was treated as income of the assessee as per the provisions of section 56(2)(viib) of the Act and added the same to the income of the assessee as income from other sources u/s. 56(2)(viib) of the Act . CIT(A) confirmed the order of the AO  .On appeal the Tribunal  held that,  the legislative intent is to apply S.56(2)(viib) where unaccounted money received in garb of share premium. The AO has not made out a case that stated money is not clean money. Also, the assessee has given approved valuer (CA) report justifying share premium raised based on valid and prescribed method being DCF and said report is in accordance with ICAI norms. AO has not countered the said report by substitute valuation. Also, if the shares are sold in next FY at much higher amount, the premium cannot be said to be excessive (Lalithaa Jewellery Mart Pvt  Ltd v ACIT (  2019))178 ITD 503 (Chennai) (Trib)  followed) ( ITA No. 2222/Del/2019, dt. 03.01.2020)(AY. 2014-15)