High Court Criticizes Tribunal for Overlooking Details in Share Transfer Case Seen as Tax Avoidance Scheme by TPO.

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....Capital gain tax - Transfer of shares by assessee to its wholly owned subsidiary - transfer of shares by way of alleged gift - the transaction is a circular transaction and is a measure adopted to avoid tax. The TPO in his order has done an analysis as to how there is a loss in real income and loss of revenue by shifting profits outside the country - The authorities below have dealt with the same elaborately, but unfortunately, the Tribunal did not venture to examine the correctness of such finding and in our considered view, the Tribunal failed to examine the factual matrix despite being the last authority to render findings of fact - HC....