Imposition of tax on subsidies does not constitute 'taking away' of a benefit : Bombay HC; dismisses challenge by Serum Institute

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...