https://www.taxtmi.com/caselaws?id=285599 The Court held that Act XXII [22] of 1947 imposing Income Tax on capital gains was valid and not ultra vires. The legislation was found to fall within the legislative competence of the Central Legislature under Entry 55 of List I, Seventh Schedule, allowing taxes on the capital value of assets. The Court rejected the argument that the tax on capital gains could also fall under Entry 54 for taxes on income, emphasizing the distinction between income and capital. Different judges provided varying reasoning but ultimately concurred on the validity of the legislation. en-us Fri, 07 Sep 1951 00:00:00 +0530 Sat, 18 Jan 2020 15:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285599 The Court held that Act XXII [22] of 1947 imposing Income Tax on capital gains was valid and not ultra vires. The legislation was found to fall within the legislative competence of the Central Legislature under Entry 55 of List I, Seventh Schedule, allowing taxes on the capital value of assets. The Court rejected the argument that the tax on capital gains could also fall under Entry 54 for taxes on income, emphasizing the distinction between income and capital. Different judges provided varying reasoning but ultimately concurred on the validity of the legislation. Case-Laws Income Tax Fri, 07 Sep 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285599