Dismissing the petition against single judge order the Court held that; appeal against AO\u2019s Order holding that the transactions made pursuant to the buy back agreement in consequence to the approval of the scheme under section 391 to 393 of the Companies Act requires to be taxed under S. 115-O on the premise that it would constitute dividend and not capital gain is maintainable. \u00a0Court also held that single Judge, though rightly dismissed the writ on the ground that alternate remedy is available, was not correct in going into the merits of the case, at this stage, while granting liberty to file an appeal. \u00a0(WP. \u00a0No. \u00a02063 of 2019 dt. \u00a006-09-2019)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115O : Domestic companies-Tax on distributed profits\u2013Charging section \u2013No need for issuance of notice before making a demand\u2013Profits distributed to share holders is deemed to be dividend-Reduction on share capital can be effected by buying back shares\u2013Advance Ruling cannot be given if an enquiry is pending against the assessee-Writ will not normally be issued if there is alternative remedy-Liberty is given to file an appeal. [S. 2(22), 245R, 246A, Art. 226 Companies Act,1956 S. 391, 393]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8647","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2ft","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=8647"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8647\/revisions"}],"predecessor-version":[{"id":10472,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8647\/revisions\/10472"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}