Assessee’s case was selected for scrutiny where one reason for selection was large share premium received during relevant assessment year. However, Assessing Officer passed assessment by making disallowance under section 36(1)(va) on account of late payment of ESI/PF. Principal Commissioner held  that Assessing Officer had made no enquiry with respect to valuation of shares and merely accepted assessee’s claim of share premium. He  passed revision order setting aside assessment. On appeal the Tribunal held that  the  assessee had produced valuation report prepared under rule 11UA. Also a notice under section 142(1) was issued wherein assessee was specifically asked questionnaire on said issue. Tribunal held that  since assessee had already produced all details in respect of issue of large share premium received during year under consideration at time of original assessment proceedings itself which had been already dealt by Assessing Officer, order of revisional authority is set aside. (AY. 2015-16)