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SC stays ruling favouring Tiger Global in Flipkart deal
Business Standard
|January 25, 2025
The Supreme Court (SC) on Friday issued a stay order on the Delhi High Court judgment in favour of Tiger Global International III Holdings, a Mauritius-based investment entity, in a case involving the sale of its stake in Flipkart Singapore to Walmart in 2018 for over ₹14,500 crore, thus generating capital gains in India.
"The issues raised in this petition require thorough consideration. In the meantime, the impugned judgment and order passed by the high court shall remain stayed from its operation, implementation and execution," the SC order said.
The next hearing of the case at the top court has been scheduled for February 14.
The HC's decision in August '24 had affirmed Tiger Global's eligibility for capital gains tax exemptions under the India-Mauritius Double Taxation Avoidance Agreement (DTAA).
The Authority for Advance Rulings (AAR) had earlier denied Tiger Global treaty benefits, arguing that the transaction was structured to avoid taxes and that the IndiaMauritius DTAA did not apply to such indirect transfers. However, the Delhi High Court overturned the AAR's ruling, citing the DTAA's grandfathering provisions and the validity of Tiger Global's Tax Residency Certificate (TRC).
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