[Krupali is a student at Gujarat National Law University.] On 15 January 2026, the Apex Court in Tiger Global International II Holdings v. AAR (Tiger Global) denied treaty relief under the India-Mauritius DTAA, relying on the doctrine of substance over form. Eleven months before then, in SC Lowy PI (LUX) SARL v. ACIT (SC Lowy), the Income Tax Appellate Tribunal, Delhi delivered India’s first judicial application of the principal purpose test (PPT). This was followed by the In

An important issue which needs further clarification is whether the clarification will have any retroactive effect in order to provide protection to the investors in cases where the proceedings are already initiated or under process in relation to prior years.

This case will probably initiate closer examination in similar disputes, such as the case of Blackstone Capital Partners v. ACIT (Blackstone) before the Delhi High Court, and Sanofi Pasteur Holding v. Department of Revenue (Sanofi) case before Andhra Pradesh High Court.

The proposed amendment to Sections 72A and 72AA of ITA reflects government’s intent to curb tax avoidance through evergreening of losses.