Supreme Court refuses to interfere with Delhi HC order on AIF taxation

Justices Pardiwala and Vinod Chandran left the Delhi High Court's reading down of CBDT Circular No. 13/2014 untouched, keeping Category-III funds out of maximum marginal rate tax where naming investors upfront was impossible under SEBI rules. The bench was notably impatient with the revenue for dropping its earlier challenge to the India Advantage Fund view on low tax effect only to relitigate the same question. (left the Delhi High Court's reading down of CBDT Circular No. 13/2014 untouched)

• Justices Pardiwala and Vinod Chandran left the Delhi High Court's reading down of CBDT Circular No.
• 13/2014 untouched, keeping Category-III funds out of maximum marginal rate tax where naming investors upfront was impossible under SEBI rules.
• The bench was notably impatient with the revenue for dropping its earlier challenge to the India Advantage Fund view on low tax effect only to relitigate the same question.