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Bijal Ajinkya

Bijal Ajinkya

, Mumbai

Partner | Direct Tax, Estate Planning, Trusts and Private Client, Investment Funds


  • LL.M., (International Law), University of Mumbai (2002)
  • LL.B., Government Law College, University of Mumbai (2000)

Bijal Ajinkya is a Partner in the Direct Tax, Private Client and Investment Funds Practice Groups in the Mumbai office. With over 19 years of experience, on the tax side, Bijal primarily focuses on international tax, structuring of inbound and outbound investments, M&A tax negotiations, providing opinions on complex tax issues on international tax, GAAR, POEM, PE, MFN, etc.

On the tax litigation front, she has immense experience in providing advice on unique litigation strategies and has been a lead advisor in many successful and path breaking tax litigations in India. She has also served as an expert witness on Indian tax matters in an international arbitration. She is currently handling a tax information exchange case which is a first precedent case on the interpretation of treaty provisions with a country in the Channel Islands.

On the tax litigation front, she has led many successful international tax litigations in India; on the India-Mauritius Tax Treaty – Azadi Bachao Andolan, Applicability of Minimum Alternate Tax for Foreign Portfolio Investors for International Financial Associations, Taxation of Outsourcing in India for Morgan Stanley, Taxation of Online services for Dun & Bradstreet, Taxation of a Mauritius Protected Cell Company for Nicholas Applegate, to name a few.

Professional Affiliations

  • Bar Council of Maharashtra & Goa
  • Membership Officer – Private Client, IBA
  • Steering Committee – International Wealth Advisors Forum
  • Officer – International Fiscal Association, India

Recognition and Accomplishments

  • The Legal 500, 2010-2018 (Asia Pacific) has mentioned her as being a leader in the field of taxation in India
  • Chambers & Partners (Asia – Pacific) 2010 – 2018 Client Guide has recognised her as being a leading tax lawyer and private client advisor in India
  • Indian Lawyer 250 Law Business Research also recognises her as highly regarded name


Representative Matters

Bijal Ajinkya has represented and advised the following clients

India-Mauritius Tax Treaty

Spearheaded the team on the landmark case of “Azaadi Bachao Andolan” on the validity of India-Mauritius Tax Treaty.

United Healthcare, CSFB Securities, Nicholas Appellate, etc.

Advised on their respective domestic tax litigations at the Commissioner and Tribunal level.

Fidelity, Morgan Stanley, Dun and Bradstreet, General Electric Pension Trust, Schellenburg Witmer and other foreign clients

Advised on their advance ruling matters


Engaged as a tax expert for a SIAC matter with respect to withholding tax obligations arising out of a services contract.

Number of clients

Advised on their entry strategy into India.

Number of clients

Advised on taxability of the IP and software services.

Various clients

Advised on tax issues arising on re-organisation of business, including, conversion of US business trusts into LLCs, merger of trusts into an LLC, etc

Several family offices, celebrities, fund professionals, ultra HNIs, Private client groups of banks / institutions like Barclays, Credit Suisse, UBS, JP Morgan, etc.

Advised on their succession and asset protection matters.

Various Offshore Funds

Advised on their structuring and documentation for investments outside of India, more specifically in Sri Lanka and Africa.

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