Finally found a way for creating .ipa build with xcodebuild command.
- Right click on
Archiveon Organizer. - Click
Show in Finder. -
You can see
.xcarchivefile in Finder.

-
Open
Terminalandcdto.xcarchivepath. - Using following command to generate
.ipafile.
This will save .ipa on Desktop.
xcodebuild -exportArchive -exportFormat ipa -archivePath <FILE_NAME>.xcarchive -exportPath ~/Desktop/<FILE_NAME>.ipa
Still looking for better solution, don’t know why Apple removed this feature from Xcode 6 🙁