https://www.taxtmi.com/caselaws?id=18363 Section 40 of the Finance Act, 1983, imposing wealth-tax on closely-held companies, was upheld as a valid classification under article 14. The Court found that private and public companies form distinct classes under company law, that closely-held companies enjoy special privileges not available to public companies, and that the levy applied uniformly within the defined class. It further held that a taxation measure offends article 14 only when there is no reasonable basis for classification or when similarly situated property is taxed unequally. The exclusion of certain business assets and the two per cent levy were considered to rest on a rational and non-arbitrary basis. en-us Sun, 06 Mar 1994 00:00:00 +0530 Wed, 30 Sep 2009 13:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18363 Section 40 of the Finance Act, 1983, imposing wealth-tax on closely-held companies, was upheld as a valid classification under article 14. The Court found that private and public companies form distinct classes under company law, that closely-held companies enjoy special privileges not available to public companies, and that the levy applied uniformly within the defined class. It further held that a taxation measure offends article 14 only when there is no reasonable basis for classification or when similarly situated property is taxed unequally. The exclusion of certain business assets and the two per cent levy were considered to rest on a rational and non-arbitrary basis. Case-Laws Income Tax Sun, 06 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18363