Assessee issued 10,42,658 shares having face value of Rs. 10 per share at premium of Rs. 23.50 per share. Fair market value (FMV) of these shares was determined by Chartered Accountant on basis of Discount Cash Flow (DCF) method  AO  rejected  valuation and determined FMV of shares at certain amount on basis of Net As and excess premium charged  as income from other sources under S. 56(2)(vii) of the Act which was confirmed by CIT (A). On appeal Tribunal held that, Valuation done by Chartered Accountant  is rejected as the assessee failed to prove projection /estimation was done on scientific method. Matter was to be restored to AO  who would scrutinize valuation report and, adopt own valuation if not satisfied with explanation of assessee; however, basis of valuation would be DCF method and he could not change method of valuation which was opted by assessee.  ( AY.2014 -15)