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India - Selective Purchase through Buy-Back Deemed To Be a Colourable Device To Avoid Taxes

Country:
India
Author:
P.R.K. Jhabakh
Issue:
Derivatives & Financial Instruments, 2012 (Volume 14), No 6
Published:
23 October 2012
The Authority for Advance Ruling has deemed the selective buy-back of shares from shareholders out of the company’s reserves which had accumulated due to the non-distribution of profits, to be a colourable device framed to avoid the payment of tax. The author considers this case and the reasons for its significance.
 
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