Valuation Report of the Chartered Accountant(Section 56(2) (viib) of the Act read with Rule 11UA (2))

Valuation Report of the Chartered Accountant(Section 56(2) (viib) of the Act read with Rule 11UA (2))

 Delhi bench of the ITAT remanded the case to AO on the ground that the Lower Authorities ought to have considered the valuation report of the Chartered Accountant submitted by the assessee and should have verified as to whether the said valuation report is inconformity with Section 56(2) (viib) of the Act read with Rule 11UA (2) of the Income Tax Rules or not and accordingly shoud have decided the matter by following the principal of consistency. (ITA No. 9721/Del/2019)

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