Addition u/s 56(2)(viib) without verification of valuation report is unsustainable in law

Eduwizards Info solutions P. Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi held that confirmation of addition under section 56(2)(viib) of the income Tax Act read with Rule 11UA(2) of the Income Tax Rules without verification of the valuation report of the Chartered Accountant is unsustainable in law. Facts- The case of the assessee was selected for scrutiny, an assessment order came to be passed on 25/12/2018 by making an addition of Rs. 5,56,24,843/- on the ground that the credits of Rs. 6,00,00,942/- are directly hit by Section 56(2)(viib) of the Act, the assessee has failed to discharge its onus on...