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1954 (11) TMI 6 - SC - Income Tax
Whether Section 12-B which authorised the imposition of a tax on capital gains was invalid being ultra vires the Central Legislature?
Held that:- Act XXII of 1947 which amended the Indian Income-tax Act by enlarging the definition of the term income in Section 2(6-C) and introducing a new head of income in Section 6 an inserting the new Section 12-B is intra vires the powers of the Central Legislature acting under entry 54 in List I of the Seventh Schedule of the Government of India Act, 1935. In this view of the matter it is unnecessary for us to consider or express any opinion as to the meaning, scope and ambit of entry 55 in that List. The appeal is accordingly dismissed.