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
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
that the
company had carried out buyback of the shares without having
adequate free reserves which misled the investors. Further
allegations were that the company ... public announcement made by the company on
May 06, 2011 for buyback of its equity shares without having
adequate free reserves have misled investors/ shareholders
registered against them. It has been stated that despite the fact that buyback option was provided to the complainants at an agreed price ... respectively, i.e. totaling Rs.79,40,984/-, vide buyback agreements, forming part of the agreements tosell, referred to above, against which security cheques were
Rupees Twenty Eight Lacs
Only) from the total buyback amount of Rs. 66,08,000/-
(Rupees Sixty Six Lacs Eight Thousand Only) to the
Claimant ... Respondent at this stage to take an
objection that no option of buyback was availed by the
Claimant. It is obvious that the part buyback
ICICI Bank.
5. Further, the respondents made an offer of buyback, wherein after the
expiry of 33 months and before the expiry of 36 months ... purchase/ buy back, the petitioner could call upon the respondent
to purchase/ buyback the apartment. The respondents was liable to re-
purchase the apartment
group members. The Company NPCL has treated this selling
of shares as buyback of shares which is akin to a normal equity sale
/ purchase transaction ... aforesaid sale of share by the appellant was an arrangement for
buyback of shares. the same is completely incorrect since the
buyback of shares
sought refund of the amount paid alongwith guaranteed premium compensation opted under buyback offer available to them under Memorandum of Understanding signed with the developer ... agreed to between the complainants and the developer that on availing buyback offer by the complainants, against their respective units, within a time frame
Amit Pathak
of Finance Department had requested Connect to
provide the buyback value of the UID Kits under
schedules 1 to 4. Further email communication ... varying dates were noted indicating continuous efforts
by RIL in getting the buyback value of assets from
Connect, citing the reason that immense efforts would
namely 'ATS Triumph'
in Sector 104, Gurgaon, under 'assured buyback' scheme wherein
apartment bearing No. 8082 was allotted ... 1500/- per sq ft.
subject to said option of 'buyback' being exercised by the investor i.e.
revisionist herein after expiry
