Non-Applicability of Section 56(2)(x) to Share Buy-Back transactions
Globe Capital Market Ltd (‘Assessee’), is engaged in the business of the share broking and clearing of trades.
During the course of assessment under section 153A of the Income-tax Act, 1961 (‘the Act’), the Assessing Officer (‘AO’) had raised a concern regarding the buyback of shares and invoked the provisions of section 56(2)(x) of the Act.
