J Sagar Associates represented Aditya Birla Real Estate Fund, a real estate private equity fund, to file a writ petition against the Principal Commissioner of Income Tax and Commissioner of Income Tax (Appeals) challenging the refusal of income tax exemption and to stay the demand raised on the fund.

In this ground-breaking case, the High Court of Bombay sets a precedent for the jurisdiction of the income tax authorities to verify the investments made by a venture capital fund. In particular, there has not been any adverse finding from Securities and Exchange Board of India against a venture capital fund that is similar to the case before.  

J Sagar Associates’ team was led by partner Farid Karachiwala.