The Supreme Court of India has overturned the Delhi High Court’s ruling in the Tiger Global Mauritius case, marking a significant development in India’s treaty jurisprudence.
The judgment reinforces a substance-over-form approach and clarifies that Tax Residency Certificates and grandfathering provisions under the India–Mauritius DTAA do not provide automatic or absolute treaty protection where economic substance is lacking.
The ruling has important implications for foreign investors, private equity funds, FPIs, and offshore holding structures, particularly those routed through Mauritius.
Investors should proactively review existing structures in light of this decision.
