2017 (4) TMI 126

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.... that they are pressed by the Revenue in the facts of the respondent assessee. There was a joint venture company of two entities named in para 5.1 at page 3 of the appeal paper book. Subsequently, the name of the foreign company was changed to Altana AG. For the year under consideration, namely, the assessment year 2006-07, the respondent assessee claimed exemption under section 10B of the Income Tax Act, 1961 in the sum of Rs. 103.49 crores. During the course of audit of the returns, the assessing officer noted that in the financial year relevant to assessment year 2003-04, there was a change in the shareholding of the company, where the beneficial interest of the foreign company was transferred to another company. Hence, sub-section (9) o....

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....olding back to Altana Pharma AG only to get out of the clutches of section 10B(9) of the Income Tax Act, 1961. That is how Mr. Pinto would submit that the appeal raises substantial questions of law. 4. We are unable to agree for the simple reason that the entire records were placed before the tribunal. As a last fact finding authority, it examined them and came to the conclusion that the share pattern at the end of each financial year, namely, 31st March, 2000 to 31st March, 2003 reveals that the non-resident share holder in the assessee company was the German company. That German company changed its name to Altana Pharma AG. After the change in name of that company, it decided to transfer the share holding to its 100% subsidiary. ....