The Supreme Court's recent decision to classify telecom operators' license fees as "capital in nature" could result in hefty Tax Demands for Bharti Airtel and Reliance Jio. According to Kotak Institutional Equities, the companies may face tax demands of Rs. 6,000 crore and Rs. 8,400 crore, respectively for 2020-2023. The retrospective tax demand could have a significant impact, as the Supreme Court judgment has not clarified whether this provision applies retroactively.