“section 115QA”

Book profits under Section 115JB must include income by way of capital gains, similar to how total income is calculated under Section 45.

Reassessment proceedings are invalid if initiated based on factually incorrect reasons recorded by the Assessing Officer, such as the erroneous belief that the assessee never filed a return. Such incorrect premises vitiate the Assessing Officer's jurisdiction.

Once a scheme of arrangement is approved by a court and is within the bounds of the law, it is binding on tax authorities.

Accumulated profits for the purpose of deemed dividend under section 2(22)(e) are to be computed in accordance with the Income Computation and Disclosure Standards (ICDS) rather than opening balances as per Indian GAAP. This case also touches upon the definition of 'transfer' under section 2(47).

Buyback of its own shares by a company is neither capital expenditure nor does it result in enduring benefits to the company. The consideration of non-deduction of TDS, which was evident from Form 3CD and not considered in the original assessment order, is not a change of opinion for reopening.

An assessee can challenge tax liability arising from special charging provisions, such as Section 115QA, by filing a separate appeal under Section 246A. Dividend Distribution Tax (DDT), as an additional tax not linked to the computation of total income, must be appealed independently.

Section 115JB(1) of the Income Tax Act, read with Explanation 1(i), governs the computation of book profits for Minimum Alternate Tax (MAT) purposes.

Shares bought back by a company are not considered the property of the assessee for the purpose of Section 56(2)(viia), as a company cannot hold its own shares as property.