The ITAT bench of Delhi has upheld the addition under Section 56(2)

The ITAT bench of Delhi has upheld the addition under Section 56(2)

The ITAT bench of Delhi has upheld the addition under Section 56(2)(viib) where the valuer has considered the audited balance sheet as on 31.03.2014 which was approved and adopted in the Annual General meeting by the shareholders for the simple reason that it is practically impossible for any company to present the audited balance sheet of the F.Y. before the Annual General Meeting on the date of closing of the F.Y. i.e. 31st March. The certificate of the auditors is based on the statement and documents furnished by the company which is neither audited nor certified by the auditors. (ITA No. 6353/DEL/2018)



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