Case of PCIT vs Globe Capital markets Ltd, HC Delhi Judgement Dated 7th April 2026. HC held that buy-back of shares results in reduction of share capital and extinguishment of the shares. It considered that once the shares are bought back, they cease to exist and are not retained as assets. Therefore, the concept of ‘acquisition of property’ does not apply in such cases. It held that treating such transactions as generating deemed income is legally untenable.