THE SUPREME COURT OF INDIA on 5th June, 2020 held that the taxing statutes are subject to the rule of strict interpretation, and the benefit of ambiguity in case of an exemption notification or an exemption clause must go in favour of the revenue; and the same principles would apply in relation to Section 80-O of the Act. Constitution Bench decision in Dilip Kumar & Co. (supra), RAMNATH & CO. Vs CIT.
