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Apr 07, 2025
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Offshore deals under I-T lens: Tiger Global vs government battle intensifies
Foreign investors who had struck deals abroad with other offshore investors to buy into Indian companies have caught the attention of the income tax (I-T) department.
More than a dozen foreign funds, companies as well partnerships, have received notices from the Indian tax office over the past fortnight for allegedly escaping tax on large transactions between 2018 and 2021.
In such deals foreign portfolio and strategic investors had either directly bought stocks in India or indirectly acquired interest in Indian companies by taking over Mauritius, Singapore and Luxembourg entities owning shares of the Indian companies.
The notices assume significance amid the high-profile court battle between Tiger Global, a foreign investor, and the revenue department.
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