During relevant year, in spite of zero business activities, assessee-company issued shares to two companies in consideration of 60,000 shares received from two companies and submitted valuation report for said shares at Rs. 75 per share. Report filed by assessee was not accepted by Assessing Officer on ground that basis of valuation being balance sheet as on 31-3-2014 was not adopted in Annual General Meeting of company and, hence, it was not as per rule 11UA. Accordingly, Assessing Officer proceeded by valuing shares on basis of audited balance sheet drawn up as on date immediately preceding valuation date and determined price at 65.6447 per share and made additions. Addition is affirmed by the CIT(A). Tribunal held that since Assessing Officer  computed fair market value of shares as per audited balance sheet of 31-3-2013 which was as per provisions of Income-tax Act read with relevant IT Rules, same could not be faulted with.  (AY. 2014-15)