The India Income Tax Appellate Tribunal (ITAT) delivered its decision on 21 September 2012 in the case of ADIT v. Maersk Line UK Ltd (ITA No. 2150/Kol/2009) that the exercise of dividend distribution by its Indian subsidiary, though tax advantageous to the recipient, cannot be termed as a sham transaction and the receipt of those dividends cannot be re-characterized as sale conside…