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
