Back
IN THE HIGH COURT OF DELHI AT NEW DELHI
DEVENDER KUMAR UPADHYAY, CJ., TUSHAR RAO GEDELA
Equity Intelligence Aif Trust – Appellant
Versus
Central Board Of Direct Taxes – Respondent
| Table of Content |
|---|
| 1. petitioner's factual background regarding aif setup and operations. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. arguments from both sides about the tax liability and trust's status. (Para 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26) |
| 3. court's analysis of the legal confusion and statutory interpretation. (Para 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44) |
| 4. writ petition allowed, quashing the underlying order. (Para 47) |
JUDGMENT :
TUSHAR RAO GEDELA, J.
1. Present petition has been filed under Article 226 of the Constitution of India, 1950 seeking to declare the Circular no.13/2014 dated 28.07.2014 issued by the respondent no.1 as ultra vires the provisions of sections 160 and 164 of the Income Tax Act, 1961 and further seeks to quash the order dated 27.06.2024 passed by the respondent no.2/Board for Advance Rulings-1 under section 245R(4) of the Income Tax Act, 1961 following the impugned Circular No.13/2014 issued by the respondent no.1.
2. It is the case of the petitioner that the petitioner is a company incorporated under the Companies Act, 1956 and engaged in the business of renderin
Circular No. 13/2014 imposes conflicting requirements on trusts, contradicting SEBI regulations, rendering it invalid; courts cannot compel action that is impossible under law.
Point of Law : Taxation - Assessment - Liability of beneficiaries - trustee can be representative assessee but in this case trustee being a resident of Jersey cannot be an agent of ADIA, in our view ....
Section 13(1)(b) of Income Tax Act inapplicable to trusts created before 1961, even for specific communities; registration under Section 12AB must be granted.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
