 "Flipkart")
The Authority for Advance Rulings (AAR) has rejected an application of three Mauritius-based companies, part of US-based hedge fund Tiger Global Management, to avail of nil withholding tax on capital gains arising out of the $16-billion Walmart-Flipkart deal, struck in May 2018.
Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.
Mauritius-based Tiger Global International (II, III, IV) Holdings had sold their stake in Flipkart Singapore in 2018 to Luxembourg-based Fit Holdings for over Rs 14,500 crore. They sought an AAR ruling after the tax authorities rejected their demand for
