Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Buy-back of a company's own shares under section 68 of the Companies Act is treated as a reduction of share capital, because the bought-back shares must be extinguished and destroyed. On that basis, the company does not acquire property at a price below fair market value for purposes of section 56(2)(x), and the deeming provision is inapplicable. The Court also noted that reliance on section 56(2)(viia) precedent was misplaced, but the appellate authorities had independently adopted the correct view. The deletion of the addition relating to buy-back of own shares was upheld and the Revenue's appeal failed.
Buy-back of a company's own shares under section 68 of the Companies Act is treated as a reduction of share capital, because the bought-back shares must be extinguished and destroyed. On that basis, the company does not acquire property at a price below fair market value for purposes of section 56(2)(x), and the deeming provision is inapplicable. The Court also noted that reliance on section 56(2)(viia) precedent was misplaced, but the appellate authorities had independently adopted the correct view. The deletion of the addition relating to buy-back of own shares was upheld and the Revenue's appeal failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
