GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX
C.A. No.-008945-008945 - 2019Supreme Court22 Nov 2019
Bench: HON'BLE THE CHIEF JUSTICE
Section 115QSection 143(2)Section 77A
capital gain is totally exempt,
entire transaction used to escape the tax net. Thus to
plug this loop hole in the statute, Section 115QA is
introduced to provide that where shares are bought
back at a price higher than the price at which those
shares were issued then, balance amount will be
treated as distribution of income to shareholder
