INCOME TAX : Where real control of applicant-Mauritius companies was with US resident who was beneficial owner of group structure and appellants derived no capital gains by alienation of shares of any Indian company, rather gains a rose on sale of a Singapore Company's share value of which was derived substantially from assets located in India, such arrangement was for avoidance of tax in India;
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194717/no-capital-gain-exemption-to-‘tiger-global’-on-its-sale-of-stake-in-flipkart-to-walmart-aar.aspx
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