Bombay High Court Examines Constitutional Validity of Section 2(24)(xviii) of Income Tax Act, 1961 — Petitioner Challenges Taxation of Capital Subsidies as Income. The Court considered whether inclusion of subsidies and incentives in the definition of income under Section 2(24)(xviii) violates constitutional provisions and real income theory....
The writ petition arose from a challenge to the constitutional validity of sub-clause (xviii) to Section 2(24) of the Income Tax Act, 1961, inserted by the Finance Act, 2015 with effect from 1 April 2...
