THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. SHRI JIGAR JASHWANTLAL SHAH, AHMEDABAD

Appeal is dismissed

section 56(2)(vii) of the Act. Accordingly a sum of Rs. 4,90,00,000/- received by way disproportionate allotment of shares is added as income u/s. 56(2)(viii) to the total income of the assessee.” 5. In appeal before, Ld. CIT(Appeals), on merits, the assessee submitted that the Ld. Assessing Officer failed to appreciate that