learned CIT(A), fails to appreciate that subsequent amendment in
section 115QA of the Act with effect from June 1, 2016, clearly indicates the
legislative ... purchase of own shares up to 31 May 2016) and
section 115QA (to purchase of own shares after 1 June 2016), by artificially
dissecting
assessee
has submitted that prior to the amendment of Section 115QA by the
Finance Act, 2013 w.e.f. 1.6.2013 buy back of shares would ... colourable device or
distribution of dividend. Further the provisions of section 115QA are not
applicable for the assessment year prior to the amendment brought into
learned CIT(A) erred in disregarding the fact that
section 115QA was introduced vide Finance Act, 2013 , effective
only from ... fact that Section 115QA was not
applicable to the appellant company cannot be ruled out on a
false surmise that the buyback of shares
circumstances of the case the Ld. AO has erred by invoking
section 115QA of the Act and further erred by charging additional tax of distributed ... back of shares of Rs. 71,99,99,211 u/s 115QA of the Act.
6 Under the facts and circumstances of the case
circumstances of the case the Ld. AO has erred by invoking
section 115QA of the Act and further erred by charging additional tax of distributed ... back of shares of Rs. 71,99,99,211 u/s 115QA of the Act.
6 Under the facts and circumstances of the case
Appeals) has erred confirming
the levy of Buy Back Tax u/s.115QA of the Income ... case and the law prevailing on the subject, tax
u/s. 115QA of the Income-tax Act, 1961 is not leviable in the instant
case
facts and circumstances of the case.
2. Non-applicability of Section 115QA of the Act
2.1 The learned CIT(A) erred in interpreting that ... rights of the Appellant to raise grounds on applicability of Section
115QA .
2.2 The learned CIT(A) failed to appreciate the fact that
facts and circumstances of the case.
2. Non-applicability of Section 115QA of the Act
2.1 The learned CIT(A) erred in interpreting that ... rights of the Appellant to raise grounds on applicability of Section
115QA .
2.2 The learned CIT(A) failed to appreciate the fact that
assessee can challenge tax liability under special charging provisions
such as Section 115QA by filing a separate appeal under Section 246A . The Tribunal,
in Texas ... Supreme Court has held that the additional tax payable u/s 115QA can be challenged u/s 246A
10
ITA 2843, 2844 & 2870
ought to have appreciated that the
assessee paid the tax u/s 115QA on buy back of its shares numbering
6615000 for a consideration ... payment of tax under Section 115QA on
buy-back of 66,15,000 shares for a consideration
