06 Feb 2026
Mauritius-based FPIs get tax relief as tribunal rules mutual fund units are not shares
23 Sep 2025
23 Sep 2025
This is a link-enhanced version of an article that first appeared in MoneyControl
Article Overview:
This article highlights the impact created by the Delhi Income Tax Appellant Tribunal (ITAT) verdict by bringing tax-relief for Foreign Potential Investors (FPIs) who have invested into India through Mauritius/Singapore route.
Our Partner, Himanshu Sinha, Tax, Trilegal shared his perspective. Here’s what he had to say:
“This verdict adds to the jurisprudence of tax certainty laid down by tax tribunals from across the country over the last decade – for non-resident funds/companies/family offices investing in Indian securities other than shares. While the treaty doesn’t define the term ‘shares’ – even under domestic Indian laws, ‘shares’ and ‘units of a mutual fund’ are classes of assets with entirely different rights and obligations, and regulated under different companies and securities laws.”
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