Share Transfer by assessee to its wholly owned subsidiary cannot be considered as a Gift

PCIT Vs Redington (India) Limited (Madras High Court) These appeals have been filed by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) challenging the common order dated 07.07.2014 passed by the Income Tax Appellate Tribunal ‘D’ Bench, Chennai (for brevity “the Tribunal”) in I.T.A.No.513/Mds/2014 (filed by the assessee) and I.T.A.No.619/Mds/2014 (filed by the Revenue) for the assessment year 2009-10. 2. The appeals were admitted on 26.08.2019, to consider the following substantial questions of law:- “1.Whether the ITAT was...