Assessee issued equity share at premium to various parties which included venture capital funds, non-residents and other angel investors. Assessing Officer held  that issue of equity shares was made over and above FMV. He added the  entire issue price of equity shares under section 56(2)(viib) as income from other sources.  On appeal the assessee contended that amounts for which additions were made pertained to CCDs which were issued in previous years and were converted into equity shares in relevant assessment year.  Assessee claimed that entire consideration was received at time of issuance of CCDs and no payment was entailed during conversion of same. Held that from investment agreement that on subsequent conversion of CCDs entailed receipt of certain consideration by assessee which included discharge of interest obligation, etc..  Section 56(2)(viib) envisages wider outlook to receipt of any consideration which could not be limited to receipt of money, thus, section 56(2)(viib) would be applicable in instant case where conversion of CCDs into equity share entailed receipt of consideration in form of total issue price including premium. Held that provisions of section 56(2)(viib) would not be applicable with respect to share premium amount received from non-resident angel investors for issuance of equity shares. Held that the Assessing Officer was not empowered to disregard DCF valuation as carried out by valuer and such action of rejecting valuation report  is not valid.   (AY. 2013-14)