EQUITY INTELLIGENCE AIF TRUST vs THE CENTRAL BOARD OF DIRECT TAXES & ANR.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 16.07.2025 Judgment delivered on: 29.07.2025 + W.P.(C) 9972/2024 & CM APPL Nos.40840/2025, 69940/2024 & 1448/2025 EQUITY INTELLIGENCE AIF TRUST ...Petitioner versus THE CENTRAL BOARD OF DIRECT TAXES & ANR. ...Respondents Advocates who appeared in this case: For the Petitioner : Mr. S. Ganesh, Sr. Advocate with Ms. Kavita Jha, Sr. Advocate with Mr. Vaibhav and Mr. Himanshu Aggarwal, Advocates For the Respondents : Mr. Puneet Rai, Sr. Standing Counsel with Mr. Ashvini Kumar and Mr. Rishabh Nangia, Advocates. CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE TUSHAR RAO GEDELA 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 Signature Not Verified Digitally Signed By:MADHU SARDANA W.P.(C) 9972/2024 Page 1 of 36 Signing Date:29.07.2025 17:32:57 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 rendering Portfolio Management Services, in accordance with the relevant guidelines/regulations issued by Securities and Exchange Board of India. (hereinafter referred to as “SEBI”) 3. The petitioner states that the SEBI issued Alternative Investment Fund (hereinafter referred to as “AIF”) Regulations, vide notification dated 21.05.2012. The said regulations