Disallowance u/s. 56(2)(viib) sustained due to wide fluctuation in value of share within same year

Parasmani Gems Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that disallowance under section 56(2)(viib) of the Income Tax Act sustained due to wide fluctuation in value of share within a period of less than 5 months and that too within same financial year without accurate explanation. Facts- The assessee company is engaged in the business of manufacturing and trading of gold and diamond jewellery. The case of the assessee was selected for scrutiny under CASS. In the course of assessment, the AO found that the assessee had introduced funds by way of issue of share capital. AO found th...