2 July 2010,Friday Kapil Goel B.Com(H) FCA LLB Advocate Delhi ...

Tax Avoidance: E-Trade• E*Trade Mauritius Ltd. (“ETM”) is a wholly ownedsubsidiary of US based Converging Arrows Inc (“CAI”),which is in turn a wholly owned subsidiary of E*TradeFinancial Corporation (“ETFC”), also a US company.ETM was holding shares of an Indian company, IL&FSInvestmart (“IL&FS”). The transaction in question wasthe sale of the entire stake of ETM in IL&FS to HSBCViolet Investments (“ HSBC”), also based in Mauritius.