Supreme Court seeks govt response on Serum Institute's challenge to taxation of subsidies following 2015 income tax amendment
Supreme Court has sought a response from the government and the Central Board of Direct Taxes on vaccine maker Serum Institute of India's appeal challenging a 2015 amendment to the Income Tax Act that made subsidy, grant, waivers, concessions or reimbursements by Centre or states or incentives in cash or kind taxable.
The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable “income”.
A Bench led by Chief Justice D.Y. Chandrachud on Monday issued notice to the government and asked it respond in four weeks.
While senior counsel Arvind Datar appeared for SII, the government was represented by Additional Solicitor General N. Venkataraman.
Challenging the Bombay High Court’s judgment that dismissed its 2021 petition, Datar argued that all sorts of subsidies, whether capital or revenue in nature, have been brought within the ambit of income and made taxable though the apex court had held capital subsidy as non-taxable.
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