Assessee-company is  engaged in business of generation and distribution of hydro electricity. It had issued 2.25 crore equity shares with face value of Rs. 10 each for a premium of Rs. 90 per share. Assessing Officer made addition under head income from other sources under section 56(viib), on account of excess amount per share paid as premium. Tribunal deleted the addition on the ground that since assessee did not receive any consideration for allotment of shares in previous year relevant to current assessment year, section 56(2)(viib) would not apply. Court also upheld the order of the Tribunal where in the Tribunal held that  the Assessing Officer had no jurisdiction to substitute the NAV method of assessing the valuation of shares, once the assessee had exercised option of a DCF valuation method as per rule 11UA(2) of the Income-tax Rules. (AY. 2018-19)