Assessee-company issued equity shares at face value of Rs. 10 with a premium of Rs. 6/Rs. 9. The AO  held that the valuation itwas not as per rule 11UA or not as per any certificate furnished by Chartered Accountant or Merchant Banker as prescribed under rule 11U.He  made addition by invoking provisions of section 56(2)(viib) of the Act.  Commissioner (Appeals) confirmed order of Assessing Officer. On appeal the Tribunal held   that provisions of section 56(2)(viib) did not prescribe only one method for valuation of fair market value of shares and assessee could also justify fair market value of shares based on valuation of its assets as on date of issue of shares including both tangible and intangible assets. The finding of lower authorities that valuation of fair market value of shares as per rule 11UA was not correct was not in accordance with law. Matter remanded to the  Assessing Officer to consider the valuation report submitted by the assessee.  (AY. 2015-16)