ITAT ruling puts PE, VC firms in a spot of bother

In the Legatum case, the Dubai-based fund filed a tax return on October 19, 2018, reporting no income for the assessment year 2018-19. However, the tax authorities opted to scrutinise the return and subsequently issued a notice to the firm. The Assistant Commissioner of Income Tax (International Taxation), Mumbai, assessed the total income of Legatum's appellant at ₹17.136 crore. The fund then challenged the assessment order at the tribunal, which issued a ruling on March 15, 2023.

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