Dear Experts,
The assessee was holding small amount of equity shares in one multinational unlisted company. The shares are delisted since 2007. The company bought-back the shares in FY 2020-21, applied TDS @ 20% on the proceeds, and remitted the balance amount to the assessee. Both these amounts, ie the TDS & Gross amount, are reflecting in his Form 26 AS. As per the said Form, the TDS was done u/s 194. Despite his specific request, the Company informed by e mail that they will not issue the relevant Form 16. The valuation of the shares for buy-back purpose was done independently by two CA firms of national repute. The appropriateness of valuation is not the issue of this query.
QUERY- (i) Whether the buy-back proceeds are exempted u/s 10 (34A) in the hands of assessee (ii) Whether assessee can claim the credit of the said TDS.
Please oblige with your comments.
Thanking you in advance.
CAclubindia
