Bombay High Court upholds validity of amendment to Finance Act, rejects plea by Serum Institute of India

The Court opined that matters of economic policy should be best left to the wisdom of the legislature.
Serum Institute of India and Bombay High Court
Serum Institute of India and Bombay High Court
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The Bombay High Court recently rejected a petition filed by the Serum Institute of India (SII) challenging amendments introduced in 2015 to the Finance Act that inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". [Serum Institute of India Private Limited v. Union of India & Ors.]

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