During year, assessee company made buy back of its equity shares at rate of Rs. 313.40 per share. Assessing Officer  held that  fair market value of shares as per rule 11UA was Rs. 370.46 per share. He held that buyback of share resulted into acquisition of property, namely, shares, and therefore, section 56(2)(x) and rule 11UA  applied to assessee. Accordingly, he treated the  difference as income of assessee under section 56(2)(x) of the Act. CIT(A) deleted the addition. On appeal the Tribunal held that   since assessee had bought back its own shares under buy back scheme and same had been extinguished by reducing paid up capital of assessee company, Commissioner (Appeals) was justified in holding that provisions of section 56(2)(x) and consequently rule 11UA would not be applicable.  (AY. 2018-19)