Apoorva Upmanyu, School of Law, The NorthCap University, Gurugram, Haryana, India
INTRODUCTION
Since taxes determine how a nation's economy will evolve, they are an essential part of every nation and it is vital to have the finest and most detailed laws and regulations on taxation and as the government has the right to impose taxes but during the process of levying taxes the government should not harass the entities by levying unnecessary.
In order to penalize specific corporations with Capital gains tax1, the legislature tried to misunderstand a ruling made by the Supreme Court in the landmark case of Vodafone International Holdings BV vs. Union of India2. As The Indian government's decision, in this case, was widely criticized, as a result the practice of retrospective taxation was abolished in India.
