The Indian Supreme Court has granted a tax holiday to one taxpayer after ruling that the duplication of software from a master copy to a blank disc constitutes a manufacturing process.
In a landmark decision, the court ruled that Oracle India, a subsidiary of the US-based software company, should be entitled to a tax holiday under section 80-IA of the income tax act which allows for tax relief for new industrial undertakings engaged in manufacture and processing of goods.
The full version of this story is available at www.internationaltaxreview.com.