Supreme Court seeks govt response on Serum Institute's challenge to taxation of subsidies following 2015 income tax amendment

The Supreme Court has asked the government and the Central Board of Direct Taxes to respond to Serum Institute of India's appeal. This appeal challenges a 2015 amendment to the Income Tax Act, which made various subsidies and incentives taxable. The Serum Institute argues that taxing these capital receipts is constitutionally impermissible.