The Supreme Court’s ruling against Tiger Global in the Flipkart–Walmart deal has ignited retrospective concerns for a host of offshore investment structures used by private equity, venture capital and derivatives markets. Tax advisors warn that the ruling could raise litigation risk and affect India’s country-risk perception unless anti-abuse powers are exercised with restraint. “The ruling introduces significant exit-stage uncertainty, which may temper investor enthusiasm. While India’s growth story remains compelling, the erosion of treaty protection and enhanced GAAR scrutiny will require investors to factor in higher tax risk at the exit stage. This may result in more conservative underwriting and potentially lower entry valuations to account for diminished after-tax returns,” Gouri Puri, Partner, Shardul Amarchand Mangaldas, told financialexpress.com.