Justice Done or Undone – A Paradigm Shift in the Concept of Direct Tax Laws

Until this week, it was a settled position in law that tax laws do not operate on the basis of equity. The Hon’ble Supreme Court way back in the year 1973 in the case of The CIT v. Vegetable Products Ltd. [1973] 88 ITR 192 had observed that if two reasonable constructions of a taxing provision are possible, then the construction which favours the taxpayers must be adopted.Until this week, it was a settled position in law that tax laws do not operate on the basis of equity. The Hon’ble Supreme Court way back in the year 1973 in the case of The CIT v. Vegetable Products Ltd. [1973] 88 ITR 192 had observed that if two reasonable constructions of a taxing provision are possible, then the construction which favours the taxpayers must be adopted.taxmann.com Latest ArticlesRead More

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