The Bombay High Court dismissed a petition filed by Serum Institute of India Pvt Ltd challenging a 2016 amendment to the Income Tax Act, 2015. The amendment included subsidies, grants, and incentives as 'income'. The High Court upheld the constitutional validity of the amended provision, stating that taxation is an economic reality that every business entity must contend with. The court warned that granting tax exemptions to loss-incurring entities could open floodgates for manipulations. The court emphasized that the mere fact that a tax falls more heavily on certain goods or persons does not invalidate it.
- News Source Indiatimes (Click to view full news): CLICK HERE
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