The article explains the legal framework, procedural requirements, and statutory compliances governing buy back of shares under the Companies Act, 2013. It highlights approval limits, filing requirements, solvency conditions, and methods of buy back.
The article explains that Section 67(4) permits sealing only for facilitating GST searches where access is denied, not for indefinite business closure. Courts have stressed proportionality and timely de-sealing to protect business operations.
The ITAT Bangalore held that advances written off were allowable as bad debts since the assessee was engaged in financing and lending activities as part of its regular business operations.
The Supreme Court held that limitation cannot be treated as a preliminary issue under Section 9A of the CPC because it does not affect the courts jurisdiction to entertain a suit. The ruling clarified that Section 9A applies only to defects relating to the courts competence to receive the suit.
Supreme Court held that certification of electronic evidence under Bharatiya Sakshya Adhiniyam cannot be restricted only to Section 79A government-notified examiners. Ruling allows qualified private cyber forensic experts to certify electronic records subject to judicial satisfaction.
: ITAT Bangalore held that indexed cost of construction cannot be denied merely because the sale deed described the property as a vacant plot. The Tribunal accepted documentary evidence such as rental income records, approved plans, contractor confirmations, and TDS details to establish existence of the building.
ITAT Bangalore held that rebate under Section 87A cannot be denied on short-term capital gains taxable under Section 111A where total income is below Rs. 7 lakh. The Tribunal ruled that no statutory prohibition existed during the relevant assessment year.
Telangana High Court held that reassessment notices under Section 148 were time-barred because they were dispatched from the ITBA portal after 31.03.2021. The Court ruled that mere digital signing or generation of notices within limitation was insufficient without actual dispatch.
The Tribunal ruled that long-term capital gains taxable under Section 112 form part of total income and qualify for Section 87A rebate if the prescribed income limit is satisfied. It also held that Finance Act 2025 amendments restricting the rebate are prospective.
The High Court held that writ jurisdiction should not be exercised at a premature stage when reassessment proceedings under the Income Tax Act are yet to be concluded. The petitioner was directed to pursue statutory remedies.
