Buy-Back of Securities (Unlisted Public Co. & Private Co.) Buy Back of Securities is a boon for Companies who wants to reduce their Share Capital. First of all, here are few preliminary notes of Buy Back: a. Introduced by ‘The Companies (Amendment) Act, 1999 b. Governing Sections of Companies Act, 1956:
The issue – The principal; rather, the sole issue arising in the instant appeal; the assessee not pressing its ground no.1 assailing the impugned assessment on the question of jurisdiction (which we find to have been, though assumed, not pressed even before the first appellate authority, withdrawing the objection vide letter dated 07.01.2013)
Sec.50 is only to deal capital gain as short term capital gain and not to deem the asset as short term capital asset. Therefore, it cannot be said that Sec. 50 converts long term capital asset into a short term capital asset
