Understanding the Tiger Global faceoff with revenue dept over taxability
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June 13, 2020Tiger Global is likely to go to court over the revenue department as the Authority of Advance Ruling (AAR) refused to grant relief over tax liability on its Rs 14,500 crore exit. According to an ET report, the hedge fund is likely to argue that the investment arms were not liable to pay tax in India.
So, why is this matter going into the court, and what is it all about? Let’s understand this. Tiger Global owned around 22% stake in Flipkart’s parent entity through its Mauritius based SPV, out of which they sold approximately 17% to Walmart’s Luxembourg based entity FIT Holdings SARL in a deal that was valued to be around Rs 14,500 crore in 2018.