Key highlights of the publication
- Important updates/announcements: The Finance Minister presented the interim budget on 1 February 2024, focusing on the goal of a ‘Viksit Bharat’, and outlined a road map for attaining unprecedented growth and progress over the next five years. While there are no major announcements on the taxation front, some changes designed to provide clarity and continuity have been introduced to ensure no disruption in the short run.
- Key judicial pronouncements: On the judicial front, long deliberations between the Revenue and taxpayers concluded with the Delhi HC’s judgement upholding the constitutional validity of the anti-profiteering provisions. The HC categorically stated that the profiteered amount has to be calculated on a case-to-case basis, considering the peculiarities of each case. The matter has been listed for appropriate directions on 21 February 2024.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes has notified an exemption regarding non-resident income from investment with the IFSC capital market intermediary, subject to fulfilling certain conditions.
