https://www.taxtmi.com/caselaws?id=13470 The court upheld the constitutional validity of sections 115-O(1) and 115-O(3) of the Income-tax Act, 1961, ruling that Parliament has the legislative competence to levy additional income-tax on dividends distributed by domestic companies. The court clarified that the tax imposed under these provisions is on profits distributed as dividends and not directly on agricultural income, thereby not encroaching upon the State Legislature's exclusive jurisdiction. The writ petition challenging the sections was dismissed, and each party was directed to bear their own costs. en-us Fri, 22 Jun 2007 00:00:00 +0530 Fri, 29 May 2009 11:22:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13470 The court upheld the constitutional validity of sections 115-O(1) and 115-O(3) of the Income-tax Act, 1961, ruling that Parliament has the legislative competence to levy additional income-tax on dividends distributed by domestic companies. The court clarified that the tax imposed under these provisions is on profits distributed as dividends and not directly on agricultural income, thereby not encroaching upon the State Legislature's exclusive jurisdiction. The writ petition challenging the sections was dismissed, and each party was directed to bear their own costs. Case-Laws Income Tax Fri, 22 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13470