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“Section 230(10)”

Section References (mined)Section 230Section 230(10)2 judgments

ACIT, CHENNAI vs. UPDATER SERVICES LIMITED, CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1616/CHNY/2025[2017]Status: DisposedITAT Chennai14 Nov 2025

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

failed to appreciate the fact that in the above mentioned case, the NCLT dealt with sanction of a scheme of buyback under Section 230(10) of the Companies Act, 2013. :-16-: ITA Nos.:1339, 1616/Chny/2025 & C.O.No.66/Chny/2025 • However, in the instant case the scheme of buyback was approved ... ceiling on paid-up capital and reserves. Despite the introduction of parallel provisions under the Companies Act, 2013 and the Companies Act, 2016, Section 230(10) prohibits any buyback beyond this 25% limit, mandating adherence to Section 68. Furthermore, the “Repeal and Savings” provisions u/s.430 of the Companies

M/S. UPDATER SERVICES LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(3), CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1339/CHNY/2025[2017-18]Status: DisposedITAT Chennai14 Nov 2025AY 2017-18

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

failed to appreciate the fact that in the above mentioned case, the NCLT dealt with sanction of a scheme of buyback under Section 230(10) of the Companies Act, 2013. :-16-: ITA Nos.:1339, 1616/Chny/2025 & C.O.No.66/Chny/2025 • However, in the instant case the scheme of buyback was approved ... ceiling on paid-up capital and reserves. Despite the introduction of parallel provisions under the Companies Act, 2013 and the Companies Act, 2016, Section 230(10) prohibits any buyback beyond this 25% limit, mandating adherence to Section 68. Furthermore, the “Repeal and Savings” provisions u/s.430 of the Companies