Did Tribunal get ‘carried away’ while deciding on Carried Interest?

16 Sep 2021Indirect Tax
Did Tribunal get ‘carried away’ while deciding on Carried Interest?
Recently, the Bengaluru Bench of the Customs, Excise and Service Tax Appellate Tribunal (Tribunal) passed a ruling in the case of M/S. ICICI Econet Internet And Technology Fund And Others (Trusts) Versus Commissioner Of Central Tax, Bangalore North1. This has unnerved the entire VCF/AIF sector, inducing a sense of panic. Rippling effects of the said ruling are expected to continue and spread around on all such structures currently operating in India

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