with a view to allow Indian companies to buy
hack FCCBs. allowed buyback of FCCB both under
"automatic route'' and "approval ... vases 30 to 33 of
the paper bookl. Under the automatic route, buyback of
FCCB was subject to following conditions:
(i) the buyback value
clause (iv) of section 2(22) of the Act specifically excludes a buyback
of shares undertaken under section 77 A of the Companies ... total income of the assessee. However, with respect to
the buyback of shares, the AO had accepted the explanation of the
assessee and no adjustment
Dcit, New Delhi vs M/S. Paramount Communication Pvt. ... on 15 June, 2021
IN THE
Income Tax Act, 1961 , with
regard to capital gains on buyback of shares and also taken note of
relevant provisions of the Companies ... deals with buyback of
shares, capital reduction and arrangement & compromise referred to
u/ss.391 to 393 of the Companies Act, 1956 , held that
Aban Offshore Ltd., Chennai vs Dcit Corporate Circle 1(1), Chennai on 12 April, 2021
same the Appellants gave an irrecoverable undertaking to IDBI for buyback of shares, that 1997 Regulations came into force only from February, 1997, and thus ... Desai countering the Appellants' version that they were under obligation to buyback the shares in terms of the undertaking for buyback of shares given
shares, but it only relates to
expenditure incurred for carrying out buyback scheme. Assessee has claimed
deduction in respect of expenditure incurred for proceeding ... implementation of
buyback of shares which would not in any manner enhance the capital structure of
the assessee but there is outflow of capital
agreement i.e. by April, 2017. There was a compulsory buyback provision in the
agreement which stipulates that upon the expiry of 12 months ... apartments to the Financial Creditor or he
intends to exercise the compulsory buyback. The Corporate Debtor exclaimed
his interest to buyback the said apartments from
complainants. To provide security for the investment made, in the information memorandum, buyback option of the unit was offered @Rs.7.50 lacs, for each ... possession of the unit. Vide letter dated 13.08.2006, intimation regarding eligibility for buyback was made by the opposite party to the complainants. It was accepted
preferred appeal before CIT(A).
6.1 The CIT(A) noted that the buyback of shares does not attract
the provisions of section 56(2)(viia ... 3171/Chny/2019
reduced the share capital by such buyback would not tantamount to
purchase of any property as envisaged in section 56(2)(viia
