Tribunal Confirms Buyback Transaction Genuine; Income from Buyback of Shares Exempt Under Income Tax Act.

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....Addition u/s 68 - buyback was not genuine and added back the buyback amount as unexplained income - Section 68 of the Income Tax Act, 1961, which deals with unexplained credits, was found inapplicable as the transaction was genuine, and the identity and creditworthiness of the company were established. - The tribunal upheld the findings of the Commissioner of Income Tax (Appeals) that the income arising from the buyback of shares was exempt under Section 10(34A) of the Act.....