https://www.taxtmi.com/article/detailed?id=5227 Sections 115QA-115QC impose a 20% final tax on "deemed distributed income" arising on buy-back of unlisted shares, payable by the company with interest and recovery provisions; the article contends the buy-back consideration is not company income but a capital realization by shareholders, and therefore treating such consideration as taxable income of the company is a legal fiction that renders the levy ultra vires the constitutional allocation of taxing power. en-us Wed, 07 Aug 2013 18:37:31 +0530 Wed, 07 Aug 2013 18:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5227 Sections 115QA-115QC impose a 20% final tax on "deemed distributed income" arising on buy-back of unlisted shares, payable by the company with interest and recovery provisions; the article contends the buy-back consideration is not company income but a capital realization by shareholders, and therefore treating such consideration as taxable income of the company is a legal fiction that renders the levy ultra vires the constitutional allocation of taxing power. Articles Income Tax Wed, 07 Aug 2013 18:37:31 +0530 https://www.taxtmi.com/article/detailed?id=5227