The Assessing Officer determined the fair market value of shares solely on the basis of the book value method and treated the excess share premium received by the assessee as taxable under section 56(2)(viib). Before the Commissioner (Appeals), the assessee produced a valuation report based on the Discounted Cash Flow method, which was rejected without giving the assessee an opportunity to explain or substantiate the report. The Tribunal held that neither the Assessing Officer nor the Commissioner (Appeals) had objectively examined the valuation report. The matter was therefore restored to the Assessing Officer for de novo adjudication after providing adequate opportunity to the assessee. (AY. 2014-15).