DHFL VENTURE CAPITAL FUND Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Rule, by consent made returnable forthwith. Counsel appearing on behalf of the Respondents waives service on behalf of the Respondents. By consent, the Petition is taken up for hearing and final disposal.

(2.) The Petition seeks to impugn the legality of a notice dated 18 May 2012 by which an assessment for Assessment Year 2008-09 is sought to be reopened under Section 148 of the Income Tax 1961.

(3.) The Petitioner is registered with the Securities and Exchange Board of India as a Venture Capital Fund under the SEBI (Venture Capital Fund) Regulations 1996. The Petitioner was constituted under a trust deed dated 19 August 2005 of Dewan Housing Financial Corporation Limited. The object of the trust is to carry on activity of a venture capital fund and to raise resources through schemes to make portfolio investments. The Petitioner floated the DHFL Real Estate Management Fund 1 (Dream Fund - 1) which is a close ended fund with a focus in the Indian real estate and allied sectors. A private placement memorandum is circulated to target investors such as institutional investors and ultra high net worth individuals with whom separate contribution agreements are entered into in respect of the scheme. Clause 15.1 of the deed of trust provides as follows :