Transfer of shares to step-down subsidiary for corporate re-structuring not tax-exemptible gift: Madras High Court rules against Redington India

The Court found that the assessee (Redington India) had used its subsidiaries, including those in Mauritius and the Cayman Islands, as conduits to avoid income tax payment in India.
Transfer of shares to step-down subsidiary for corporate re-structuring not tax-exemptible gift: Madras High Court rules against Redington India
Madras High Court

In allowing appeals by the Revenue department against Redington (India) Limited, the Madras High Court has ruled that transfer of shares by an assessee to its step-down subsidiary as part of corporate restructuring could not be termed a "gift" exempted from income tax payment.

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