Shares Buyback cannot be equated with capital reduction

CA Suraj R. Agrawal Brief of the Case:- It is open to a company to buy back its own shares by following the procedure prescribed under section 77A/Section 68 or by following the procedure prescribed under section 391 read with Sections 100 to 104 of the 1956, Act. Facts of the case: The assessee is a wholly owned subsidiary of Goldman Sachs (Mauritius) LLC (GS-M). It was set up to undertake merchant banking and security business in India. Registered under the STPI scheme, the it had set up a 100% export oriented unit in Bangalore to serve as a global support centre for the Goldman Sachs Group...