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HomeDirect TaxBuyback of Own Shares Not Taxable as ‘Property’ U/S 56(2)(x): Delhi High...

Buyback of Own Shares Not Taxable as ‘Property’ U/S 56(2)(x): Delhi High Court

Direct Tax

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By Mariya Paliwala
Delhi HC

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The Delhi High Court has held that buyback of a company’s own shares does not amount to acquisition of “property” and therefore cannot be taxed under Section 56(2)(x) of the Income Tax Act, 1961.  The bench of  Justice Dinesh Mehta and Justice Vinod Kumar has dismissed the appeal filed by the Income Tax Department upholding…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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