The Question raised before the AAR are :

(i)Whether on the facts and circumstances of the case, the applicant is chargeable to tax inn India on the capital gains arising from transfer of shares in Vortex Capex Ltd (VCL) and the revenue authorities should refund to CCOM the tax deducted at source by Aura Atlantic Sec. Ltd from payment of the sale price made to the applicant? 

(ii) Whether on the facts and circumstances of the case, the applicant could be subjected to tax under the provisions of section 115JB of the Act ?.

AAR held that on facts, transactions prima facie to avoid capital gains tax in India, applications are not maintainable