New Delhi, Jan. 16 -- The Supreme Court's landmark ruling upholding capital gains tax on US-based investor Tiger Global Management Llc for its 2018 exit from Indian e-commerce platform Flipkart has prompted a reassessment among foreign investors, particularly funds that rely on tax treaties with jurisdictions such as Mauritius, Singapore, and the Netherlands.

A bench comprising Justices R. Mahadevan and J.B. Pardiwala accepted the tax department's argument that Tiger Global had used Mauritius primarily as a conduit to claim treaty benefits, with real control and decision-making resting in the US.

While the main judgment was authored by Justice Mahadevan, Justice Pardiwala wrote a separate concurring opinion that went beyond the facts of...