https://www.taxtmi.com/caselaws?id=302136 A taxing statute on forward contracts was held to be beyond the State Legislature's competence because the levy applied to forward transactions generally and not only to wagering contracts within the State List entry for betting and gambling. The Court distinguished forward contracts from wagers, noting that a forward contract does not necessarily require an intention that no delivery will ever be made. It further applied the severability test and found the valid and invalid portions inseparable, because the Legislature would not have enacted a narrower tax on wagering contracts alone and the remaining provision was too truncated to stand. The Act, related notification and rules were therefore void. en-us Tue, 13 Sep 1960 00:00:00 +0530 Fri, 06 May 2022 13:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302136 A taxing statute on forward contracts was held to be beyond the State Legislature's competence because the levy applied to forward transactions generally and not only to wagering contracts within the State List entry for betting and gambling. The Court distinguished forward contracts from wagers, noting that a forward contract does not necessarily require an intention that no delivery will ever be made. It further applied the severability test and found the valid and invalid portions inseparable, because the Legislature would not have enacted a narrower tax on wagering contracts alone and the remaining provision was too truncated to stand. The Act, related notification and rules were therefore void. Case-Laws Indian Laws Tue, 13 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302136