Addition u/s. 56(2)(viib) by rejection of valuation determined by assessee without referring to DVO unjustified

ND’s Art World Pvt. Ltd Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that addition towards difference of share premium u/s. 56(2)(viib) of the Act by rejecting the valuation determined by the assessee without referring the matter for valuation to DVO is unjustified. Matter remanded for referring the same to DVO.

Facts- The assessee’s case was selected for limited scrutiny under CASS and the assessment was completed u/s. 143(3) of the Act dated 28.12.2018, where AO determined

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