Held by the Tribunal that, s. 56(2)(viib) itself provides for determination of FMV based on value of underlying assets. Hence, such fair value once substantiated, all the assets, whether recorded in books or not, appearing in the books at their intrinsic value or not, has to be valued at FMV and would be replaced with the book value for the purposes of valuation of share premium on issue of unquoted equity shares. The valuation got done after the issue of shares is really of no consequence. (AY.2014-15).