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2002 (10) TMI 67 - DELHI HIGH COURTCapital Gains - By this writ petition under article 226 of the Constitution of India, the petitioner has challenged the constitutional validity of sub-section (1C) of section 54E of the Income-tax Act, 1961 (for short "the Act"), as introduced by the Finance Act, 1992, praying that the words and figures "29th day of February, 1992" in the said section be struck down and instead the words and figures "31st day of March, 1992" be substituted. - Circular No. 636 dated August 31, 1992, interprets and explains the amendment. We find that there are valid reasons and justification for the insertion of the date of February 29, 1992, in sub-section (1C) of section 54E of the Act. There is no discrimination between the two sets of assessees similarly placed in the same fiscal year. There is no violation of article 14 of the Constitution. - we find no merit in any of the contentions raised by learned counsel for the petitioner. The writ petition fails and is accordingly dismissed.
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