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TMI Blog2017 (4) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that they are in order, then, the tribunal concluded that there was no reason to hold that any change of ownership occurred. Hence, on facts, it concluded that there is no change in ownership to the detriment of the assessee company. That is how sub-section (9) of section 10B on facts was not attracted. Once we come to this conclusion and a pure finding of fact, which cannot be termed as perverse or vitiated by an error apparent on the face of the record is recorded, then, the appeal does not raise any substantial question of law. Once this was the question and essentially projected, then, we need not admit the appeal. As far as the question at para 6.1 is concerned, that is on the construction of section 10B and we do not think that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto operation and the benefit of sub-section (1) of section 10B could not have been availed of. The Commissioner, the first appellate authority was approached by the assessee against this finding of the assessing officer of denial of exemption under section 10B and the assessing officer's order was upheld. The first appellate authority opined that the assessee was not eligible for the exemption, as the purported transfer of 1.5% shares to Altana AG was full of discrepancies and a deliberate attempt was made escape the rigors of sub-section (9) of section 10B. That is how the aggrieved assessee approached the tribunal. 3. Mr. Pinto would submit that the first appellate authority and the assessing officer were right for the simple reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the said Altana Pharma AG through its 100% subsidiary. That is why, after the transfer of the share holding to its subsidiary by M/s. Altana Pharma AG, it was advised that if this transaction is interpreted to mean that there was a change of more than 51% of the share holding in the assessee company, then, on account of that transfer, the assessee may come in difficulty and the benefit of section 10B would not be available to the assessee. That is why to maintain the ratio, a request for splitting up the share certificate was granted. This is also questioned by the assessing officer, but at one stage, the assessing officer was called upon to submit a report. That was on remand of the matter from the first appellate authority, namely, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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