‘Diversification’ is ‘Goods in different Nature’: SC denies Tax Exemption u/s 4A(5) of U.P. Trade Tax Act [Read Order]

By Navasree A.M - On January 13, 2023 4:05 pm - 2 mins read
Goods - Supreme Court - Tax Exemption - U.P. Trade Tax Act - Income Tax - taxscan

In a recent ruling, the Supreme Court bench of Justice M.R. Shah and Justice Krishna Murari interpreted the meaning of diversification. It was observed that the “diversification” can be considered only in a case where “goods of different nature” are produced, and only then the exemption shall be available. The goods manufactured on “diversification” must…

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