Lokesh Shah

Lokesh Shah is a Partner in the Firm's Delhi office and is part of the corporate tax and private client practice. His primary practice area is Tax Law, and he has over 20 years of experience advising on M&A tax, international tax, corporate tax and transfer pricing. He is also a qualified Chartered Accountant (CPA).

He has been instrumental in advising several multinational enterprises and PE funds on tax-efficient M&A and fund structures, inbound and outbound investment, interpretation and application of tax treaty provisions along with MLI, tax optimisation strategies, and assistance in tax litigation matters.

He has advised a varied set of clients including corporates, investors, funds, financial institutions, borrowers, not-for-profit organisations, individuals, start-ups (tech and non-tech) and multinational corporations across a range of industry sectors on tax-efficient structures to set up businesses in India (including in GIFT City), structuring and implementing M&A transactions, exits and internal re-organisation strategies.

He has also advised clients on international tax issues such as transfer pricing, permanent establishment risks and tax treaty interpretation on a variety of complex transactions, and has extensive experience advising clients on trust and estate planning.

He has been ranked as a 'Recognised Practitioner' for Tax by Chambers & Partners Global Guide 2019 and Chambers & Partners Asia-Pacific Guide 2025 and 2021. He has also been recognised for Tax by The Legal 500 Asia Pacific Guide 2025, 2024 and 2019.

He has been a speaker at a number of seminars and events on issues surrounding GIFT City, redomiciliation and reverse flip, and several other domestic and international tax issues, and has authored various articles surrounding contemporary tax issues. His publications include a chapter on "In-Depth: M&A; 18th edition, providing an insightful analysis of the current M&A landscape in India" (Lexology, January 2025) and articles in Business Today, The Indian Business Law Review, Taxmann and The Economic Times.

Prior to joining CMS INDUSLAW, he was a Partner leading the tax practice at Saraf & Partners Law Offices and Luthra & Luthra Law Offices.

He holds an LL.B. from the University of Mumbai, a C.A. from the Institute of Chartered Accountants of India and a B.Com. from Mumbai University. He is a member of the IFA and an Advocate in India, and speaks English, Hindi and Gujarati.