Section 56(2)(vii)(b) Addition without reference to valuation officer’s is legally unsustainable: ITAT Lucknow

Nirmal Singh Vs ITO (ITAT Lucknow) ITAT Lucknow held that addition under section 56(2)(vii)(b) of the Income Tax Act without reference to Valuation Officer, as mandated by law, has not legs to stand and hence is unsustainable in law. Facts- The assessee had filed the return of income on 30/09/2014, showing total income of Rs.7,81,320/-. Subsequently, notice dated 30/03/2021 was issued u/s 148 of the Act, in compliance whereof the assessee again filed income tax return on 22/04/2021; declaring income of Rs.7,81,320/-again. Vide assessment order dated 30/03/2022 passed u/s 147 r.w.s 144B of the...