Assessee-company engaged in business of trading had issued equity shares at premium to different individuals and valued shares adopting discounted cash flow (DCF) method. Assessing Officer rejected assessee’s valuation report on ground that no projection in working was made and proceeded to value shares as per net asset value (NAV) method  and made addition of excess of fair market value computed under section 56(2)(viib) of the Act. On appeal the Tribunal held that the Assessing Officer cannot adopt different method to determine value of shares. Addition was set aside.  (AY. 2016-17)