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Shares Transferred By Redington India To Its Step Down Subsidiary Not Eligible For Tax Exemption: Madras High Court

The Madras High Court has held that transfer of shares by Redington India to its step down subsidiary cannot be categorized as valid gift and is not eligible for tax exemption.
The court observed that the incorporation of the company in Mauritius and Cayman Island just before the transfer of shares is undoubtedly a means to avoid taxation in India and the said two companies have been used as conduits to avoid income tax.
Redington India (RI) had set up a new wholly owned subsidiary in Mauritius in July, 2008, viz., RM with an initial investment of USD 25,000 (Rs.10.78 Lakhs). RM, thereafter set up a wholly owned subsidiary RC in Cayman Island, which started its operation from 14.07.2008. The assessee (RI) transferred without consideration its entire shareholding in Redington Gulf FZE (RG) to RC on 13.11.2008 pursuant to which, RG become a step down subsidiary of RM. The assessing officer held that the voluntary transfer of shares of RG by the assessee without considerati ....

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Principal Commissioner Of Income ... vs M/S.Redington (India) Limited on 10 December, 2020

Principal Commissioner Of Income ... vs M/S.Redington (India) Limited on 10 December, 2020
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