Held, that the assessee had  bought back its own shares from its shareholder and there was reduction of the share capital by such buy-back and hence, this would not amount to purchase or acquisition of any property as envisaged under section 56(2)(viia) of the Act. By receiving its own shares for a consideration less than the book value, the assessee could not be said to have earned hidden asset from the parent company by giving up its right to obtain the true value of its shares transferred, because the provisions of section 2(22)(d) read with section 115-O of the Act would not apply to the assessee, since the shareholders had received the money in lieu of buy-back of shares by the assessee of the parent company. Order of CIT(A) is affirmed. (AY. 2011-12)