Colourable Device and Gains Taxable In USA Parent’s Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets

Aditya Birla Nuvo Limited vs. DDIT (Bombay High Court) TIL cannot be said to be unaware of the fact that the shares of ICL held by AT&T Mauritius did not belong to AT&T Mauritius because TIL was party to the Shareholders Agreement, wherein all rights in respect of the shares of JVC to be issued after the Shareholders Agreement was to vest in AT&T USA and not with AT&T Mauritius. In the Share Purchase Agreement, it is recorded that the sale of shares of AT&T Mauritius in favour of TIL would take place only after the sale of shares of ICL in favour of Indian Rayon takes place...