Buyback through High Court approved scheme needs verification of NAV valuation u/r 11UA: Matter remitted

Updater Services Limited Vs DCIT (ITAT Chennai) ITAT Chennai held that the matter of buyback through High Court approved scheme of arrangment remitted back for verification of NAV valuation under rule 11UA and also to analyize applicability of section 115QA. Accordingly, appeal restored back. Facts- The assessee Updater Services Limited is engaged in the business of providing manpower and facility management services to various industries such as information technology, manufacturing, hospitality, catering services, etc. The case of the assessee was selected for scrutiny assessment. The AO pa...