Assessee-company, engaged in real estate business in domestic market through e-platform, converted compulsory convertible preference shares (CCPS) into equity shares of Rs. 100 each at a premium of Rs. 1500 per share. Assessing Officer  held that valuation made by assessee adopting DCF method was far from reality and, thus, recomputed book value per share by applying net book value method and made addition towards differential valuation amount in assessee’s total income under section 56(2)(viib) of the Act. Held that  valuation of shares was found to be flawed since projections grossly varied with financial results and premium was exorbitantly high.  It was further noted that assessee though had furnished a valuation report however it was not supported by technical report, revenue and cost projection, cash flow justification management plan etc..   Assessee failed to justify valuation by furnishing an acceptable valuation report, matter was to be remanded back to file of Assessing Officer to provide assessee with another opportunity to justify valuation of said shares and thereafter  re adjudicate issue.  (AY. 2015-16)