The tax exemption analysis of Sections 10(46) and 10(46A) does not imply that it is a fiscal concession; rather, it functions under a wider framework that is founded on controlled tax governance, with exemptions given on a conditional, selective, and by executive notice.

The retrospective amendment made by the Union is a massive blow to the Safari Retreats judgement, as it has essentially nullified it.

The article argues for the continuance of the current judicial framework which calls for looking at each case from a businessman’s point of view to check the owner’s intention behind leasing the asset.

While the judgment provides a temporary solution to a specific problem, it may have created a template for judicial intervention.

Coherent to its volatile nature the windfall tax domain presents varied benefits and losses to different stakeholders.