Assessee-company paid consideration for purchase of its own shares from its shareholders in accordance with scheme sanctioned by High Court.  Such capital reduction of assessee had been completed on 31-5-2016.  Assessing Officer held that said payment would attract provisions of section 115QA and, accordingly, levied tax under section 115QA and treated assessee as assessee-in-default under section 115QC. CIT(A) deleted the addition.On appeal the Tribunal held that   since assessee had carried out capital reduction under provisions of sections 100-104 of Companies Act, 1956 and same had been completed on 31-5-2016, capital reduction carried out by assessee would not be covered in definition of buyback as per Explanation (i) to section 115QA and tax on distributed income to shareholders was not payable by assessee-company. Prior to 1-6-2016 if company purchases its own shares in accordance with provisions of section 77A of Companies Act, such domestic companies were required to pay tax under section 115QA and after 1-6-2016 if company purchases its own shares in accordance with any of provisions of any law relating to companies, buyback tax liability would arise in hands of company.  (AY. 2017-18)