Assessee earned distributed profits by virtue of offering shares of unlisted companies in buyback scheme floated by such companies. Assessee claimed exemption under section 10(34A) on such profits arising from buyback scheme. Assessing Officer denied exemption on ground that buyback companies did not pay any tax under section 115QA and assessee claimed exemption under section 10(34A).CIT(A) allowed the exemption. On appeal the Tribunal held that   in absence of any differential value arising to issuer companies between issue price to original allottees and buy back price, liability under section 115QA to buy back companies did not arise. Exemption cannot be denied. (AY. 2016-17)