https://www.taxtmi.com/caselaws?id=13803 The court upheld the constitutional validity of section 40 of the Finance Act, 1983, which levies wealth-tax on closely held companies. The petitioner failed to prove any discrimination in the provision, leading to the dismissal of the petition. The court emphasized Parliament's authority to select a specific class for taxation as long as all members are treated equally. Taxing closely held companies aims to prevent tax avoidance, and the provision applies uniformly to all companies in that class. The petition challenging the provision was dismissed, with no costs awarded. en-us Fri, 07 Aug 1998 00:00:00 +0530 Thu, 02 Jul 2009 18:52:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13803 The court upheld the constitutional validity of section 40 of the Finance Act, 1983, which levies wealth-tax on closely held companies. The petitioner failed to prove any discrimination in the provision, leading to the dismissal of the petition. The court emphasized Parliament's authority to select a specific class for taxation as long as all members are treated equally. Taxing closely held companies aims to prevent tax avoidance, and the provision applies uniformly to all companies in that class. The petition challenging the provision was dismissed, with no costs awarded. Case-Laws Income Tax Fri, 07 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13803