Assessee issued shares having face value of Rs.10 per share at premium of Rs.1590 per share. The AO held that, share premium was much higher than value estimated under rule 11UA and therefore he determined excess amount as income of assessee u/s. 56(2)(viib) of the Act. On appeal Tribunal held that, FMV of shares was estimated after considering intangible assets like goodwill, know-how, patents, copyrights, trademarks, licences, franchises, etc. AO had not found any specific fault in valuation of shares made by assessee. When the AO has not found any defect or error in the valuation of shares by the assessee-company, it may not be necessary to apply the method of valuation prescribed under rule 11UA. Hence, revaluation of shares by the AO under rule 11UA was unjustified. (AY. 2013-14,  2015-16)