https://www.taxtmi.com/caselaws?id=756011 The ITAT Delhi allowed the assessee's appeal for statistical purposes regarding addition under section 56(2)(viib) for valuation of unquoted equity shares. The AO had rejected an independent CA's valuation report as inaccurate. The CIT(A) endorsed the AO's reasoning without addressing the assessee's specific claim for startup exemption from section 56(2)(viib). The ITAT found this omission inappropriate and restored the matter to the AO to examine the startup exemption claim with proper consideration of evidence and adequate hearing opportunity for the assessee. en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 25 Jul 2024 08:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756011 The ITAT Delhi allowed the assessee's appeal for statistical purposes regarding addition under section 56(2)(viib) for valuation of unquoted equity shares. The AO had rejected an independent CA's valuation report as inaccurate. The CIT(A) endorsed the AO's reasoning without addressing the assessee's specific claim for startup exemption from section 56(2)(viib). The ITAT found this omission inappropriate and restored the matter to the AO to examine the startup exemption claim with proper consideration of evidence and adequate hearing opportunity for the assessee. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756011