My take, as quoted in MoneyControl, on the larger impact of the recent Supreme Court Decision on transactions relating to sale of securities other than unlisted shares :
“While the Tiger Global ruling is factually anchored in offshore share transfers, its reasoning has broader implications for capital market participants operating under the residual capital gains clauses of India’s tax treaties. By extending a substance-centric test into treaty access itself, the Supreme Court judgment introduces a degree of uncertainty into an area where jurisprudence and market practice had evolved around predictability.”