Tax on distributed income: amendment clarifies buy-back consideration treatment and prescribes manner for cost determination. Amendment clarifies distributed income by substituting the reference to section 77A of the Companies Act, 1956 with 'any law for the time being in force relating to companies,' and by providing that consideration paid on buy back of shares is reduced by the amount received by the company for issue of such shares, determined in the manner as may be prescribed.
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Provisions expressly mentioned in the judgment/order text.
Tax on distributed income: amendment clarifies buy-back consideration treatment and prescribes manner for cost determination.
Amendment clarifies distributed income by substituting the reference to section 77A of the Companies Act, 1956 with "any law for the time being in force relating to companies," and by providing that consideration paid on buy back of shares is reduced by the amount received by the company for issue of such shares, determined in the manner as may be prescribed.
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