India’s AAR has rejected the NIL withholding tax applications made by three Mauritius based companies

by | Jun 7, 2020

India’s Authority for Advance Rulings has, recently, rejected the nil withholding tax applications made by US-based hedge fund, Tiger Global Management’s three Mauritius-based companies, in respect of capital gains arising out of the $16-billion Walmart-Flipkart deal in May 2018. Tiger Global was one of the prominent shareholders in India’s homegrown e-commerce major, Flipkart.

The issue once again seems to be a lack of commercial substance at the Mauritius level.

We are waiting for a copy of the AAR order, and quite clearly, the last word on the subject has not been spoken.

More News

India – Employment Law update

In a bid to woo new manufacturing businesses to the state of Karnataka, including the likes of Foxconn (which is Apple’s supplier), the state legislature passed the Factories (Karnataka Amendment) Bill, 2023 to amend the provisions of the Factories Act, 1948 (as...

read more

India’s legal market opens up for foreign lawyers

The Bar Council of India (BCI) has, recently, permitted foreign lawyers to practice foreign law in India in non-litigious matters, subject to compliance with BCI’s registration guidelines.  However, appearing in Indian courts, as also advising on real estate...

read more

IBLJ A-List 2022-2023

We are pleased to announce that Akil Hirani, Rukshad Davar and Neerav Merchant have been included in India Business Law Journal's A-List for 2022-2023. The A-List is based on extensive research conducted by India Business Law Journal. To determine India’s...

read more