Assessee company had issued 6.15 lakh equity shares of Rs. 10 each at a premium of Rs. 80 per share to six persons and collected share premium of Rs. 4.92 crores. The Assessing Officer rejected DCF method of valuation adopted by assessee and took view that share valuation had to be arrived on basis of book value, i.e., Net Asset value (NAV) method. The Tribunal held that, an assessee has two choices and he may adopt either Net Asset Value (NAV) method or Discounted Cash Flow (DCF) method; Assessing Officer can determine a fresh valuation but cannot change method of valuation which has been opted by assessee. (AY. 2014-15)