Did Tribunal get ‘carried away’ while deciding on Carried Interest?
16 Sep 2021Indirect Tax
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