https://www.taxtmi.com/caselaws?id=13990 The court upheld the constitutional validity of the Income-tax (Second Amendment) Act, 1998, which restricted tax exemptions for cooperative societies marketing agricultural produce grown by their members. The retrospective application of the amendment from April 1, 1968, was deemed reasonable, affecting only pending assessments. The court rejected claims of legislative overreach, emphasizing Parliament's authority to amend laws. It dismissed allegations of violating constitutional rights, stating the amendment aimed to prevent misuse of exemptions. The court concluded by upholding the amendment's legality, affirming Parliament's legislative competence and compliance with constitutional principles. en-us Fri, 16 Feb 2001 00:00:00 +0530 Mon, 06 Jul 2009 17:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13990 The court upheld the constitutional validity of the Income-tax (Second Amendment) Act, 1998, which restricted tax exemptions for cooperative societies marketing agricultural produce grown by their members. The retrospective application of the amendment from April 1, 1968, was deemed reasonable, affecting only pending assessments. The court rejected claims of legislative overreach, emphasizing Parliament's authority to amend laws. It dismissed allegations of violating constitutional rights, stating the amendment aimed to prevent misuse of exemptions. The court concluded by upholding the amendment's legality, affirming Parliament's legislative competence and compliance with constitutional principles. Case-Laws Income Tax Fri, 16 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13990