Substance Over Form - The Tiger Global–Flipkart Decision and the Recalibration of India-Facing Investment Structures
- Mar 2
- 1 min read
by Azmul Haque and Shaktibhushan Shukla
As tax authorities globally intensify their focus on economic substance, treaty-based investment structures are facing heightened scrutiny. Against this backdrop, this article analyses the Indian Supreme Court’s decision in Tiger Global–Flipkart (15 January 2026) and its implications for treaty entitlement, including the evidentiary limits of tax residency certificates, the narrowing scope of grandfathering protection, and the expanding reach of India’s General Anti-Avoidance Rule (GAAR).
The article then considers the implications for Singapore-based holding and fund structures. While Singapore remains structurally robust, the decision underscores that treaty access will increasingly depend on demonstrable commercial purpose, governance integrity and operational substance. Properly implemented Singapore platforms may continue to provide a defensible architecture for India-facing investments – but only where form and economic reality are credibly aligned.
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