Capital gains on share buy backs: updated rules tax the gain, deem certain consideration nil, and align definitions with corporate law.

Clause 69 taxes the difference between acquisition cost and consideration on company repurchase of its own shares or specified securities, prescribes that certain forms of consideration under clause 2(40)(f) are deemed nil for tax purposes, and adopts the Companies Act definition of specified securities, thereby aligning tax treatment with current corporate law and updating statutory cross references.

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