Tag Archives: Buy Back

Expenses incurred on buy back of shares is capital expediture :ITAT

By | September 13, 2016

IN THE ITAT DELHI BENCH ‘B’ Cornell Overseas (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 3 (1), New Delhi R.S. SYAL, ACCOUNTANT MEMBER AND N.K. CHOUDHARY, JUDICIAL MEMBER IT APPEAL NO. 2014 (DELHI) OF 2014 [ASSESSMENT YEAR 2005-06] AUGUST  16, 2016 Anil Kumar Sharma, Sr. DR. for the Respondent. ORDER R.S. Syal, Accountant Member… Read More »

Buy back calculations when audited accounts are older than 6 months

By | March 11, 2016

NOTIFICATION [F.NO.01/04/2013 CL-V (PART-II)], DATED 10-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:— 1. (1) These rules may be called… Read More »

Issue of fresh equity shares in case of buy back made 4 months ago by company

By | November 10, 2015

Can a company issue fresh equity shares if the company has made buy back of the same 4 months ago? Answer: According to Section 68(8) of Companies Act 2013, if a company completes buy back of its shares or other specified securities, it shall not make a further issue of the same kind of shares or… Read More »

No prosecution if resolution for buy back but no public Offer

By | August 17, 2015

Q: Whether there can be prosecution if the resolution for buy back has been passed but no public announcement has been made ? In absence of offer or public announcement of buy back of equity shares by petitioners, petitioners could not be prosecuted for offence punishable under section 77A(11) HIGH COURT OF BOMBAY Dattaraj V. Salgaocar v. State… Read More »