https://www.taxtmi.com/article/detailed?id=5306 Section 56's deeming of certain gifts and capital receipts as "income" is argued to exceed the Union's constitutional power to levy a tax on income, because the Constitution and the Income-tax Act's charge and scope provisions contemplate taxation of revenue-like accruals and profits, not capital receipts; statutory amendments to section 2(24) and section 56 convert certain donations, low-priced transfers and valuation differences into taxable income through deeming and valuation rules, raising constitutional and evidentiary issues that, the author contends, render those provisions vulnerable to challenge as ultra vires. en-us Fri, 04 Oct 2013 09:32:42 +0530 Fri, 04 Oct 2013 09:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5306 Section 56's deeming of certain gifts and capital receipts as "income" is argued to exceed the Union's constitutional power to levy a tax on income, because the Constitution and the Income-tax Act's charge and scope provisions contemplate taxation of revenue-like accruals and profits, not capital receipts; statutory amendments to section 2(24) and section 56 convert certain donations, low-priced transfers and valuation differences into taxable income through deeming and valuation rules, raising constitutional and evidentiary issues that, the author contends, render those provisions vulnerable to challenge as ultra vires. Articles Income Tax Fri, 04 Oct 2013 09:32:42 +0530 https://www.taxtmi.com/article/detailed?id=5306