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3.7 It was further argued that, though, the assessee has submitted valuation as per the 'Discounted Cash Flow Method' and then, alternatively, had submitted that even the 'Net Asset Method' could also be applicable and the valuation of the land of the company was taken as the Stamp Duty Valuation as on the date of issue of shares, then also, the valuation of the 'unquoted shares' comes to Rs. 117.31 per share as per the page 5 of the assessment order and, thus, the shares issued at the valuation of Rs. 110/- per share were in order and no interference was called for.

M/s Nirbhai Textiles Pvt Ltd, Ludhiana shares, at a value of Rs. 110/- per share, being less than the value as per Section 56(2)(viib) of the Income Tax Act, 1961 both by the 'Net Asset Method' and by the 'Discounted Cash Flow Method', no addition was called for u/s 56(2)(viib) of the Income Tax Act, 1961.

4.0 In rival submissions, the Ld. Senior DR relied upon the order of the AO and the Ld. CIT (A) and argued that the assessee had arbitrarily taken the value of shares at Rs. 110/- per share and that the valuation has to be adopted as per the book value and that the Assessing Officer/ Ld. CIT (A) has rightly considered the valuation of unquoted shares at Rs. 101.62/- per share and the 'net asset method' adopted by the assessee is not justified, since that was brought into the Statute by way of an amendment by the Finance Act, 2017 and, thus, cannot be given retrospective effect.

6.1 It is a fact on record that the assessee has furnished the valuation on the basis of 'Discounted Cash Flow Method' and on the basis of the 'Net Asset Method' by adopting the stamp duty valuation of the immovable property as on 15.03.2014, for which, necessary evidences have been furnished but the AO and the Ld. CIT (A) are of the view that the book value of the shares has to be adopted which comes to Rs. 101.62/- per share against the value of Rs. 110/- per share and which is less than the value as per 'Net Asset Method' and the value as per the 'Discounted Cash Flow Method'.

1401-Chd-2018 (A.Y. 2014-15) -

M/s Nirbhai Textiles Pvt Ltd, Ludhiana 6.2 It is also a fact that the AO/ Ld. CIT (A) have not been able to find any fault in the 'Discounted Cash Flow Method' and for the 'Net Asset Method', though, the Amendment came from Finance Act, 2017 for adopting the stamp duty valuation but since, it is curative and beneficial provision, it has to be given retrospective effect as per the binding judgment as cited above in the following cases: