The Supreme Court on Monday ruled that private equity firm Tiger Global is required to pay capital gains tax in India for its 2018 stake sale in Indian e-commerce firm Flipkart to American retailer Walmart, setting aside an August, 2024 Delhi High Court verdict to the contrary. While holding that the transfer of the unlisted equity shares by the PE firm occurred under an impermissible arrangement that lacked real commercial substance, the apex court held that benefit under Article 13(4) of the India-Mauritius Double Taxation Avoidance Agreement (DTAA) would not be available to the firm and its subsidiaries involved in the transaction.