https://www.taxtmi.com/caselaws?id=429132 Amendments to the Life Insurance Corporation Act introduced through Sections 128 to 146 of the Finance Act, 2021 were upheld as a valid Money Bill measure under Article 110 because the scheme was directed to the proposed LIC IPO and the receipt of money into the Consolidated Fund of India. Provisions on capital structure, governance, share issuance, shareholder reservation, fund management and audit were treated as ancillary or incidental to that fiscal object. The challenge also failed because the Speaker's certificate under Article 110(3) was not specifically assailed, and that certification was treated as final within the narrow scope of judicial review. en-us Mon, 21 Mar 2022 00:00:00 +0530 Tue, 18 Oct 2022 21:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429132 Amendments to the Life Insurance Corporation Act introduced through Sections 128 to 146 of the Finance Act, 2021 were upheld as a valid Money Bill measure under Article 110 because the scheme was directed to the proposed LIC IPO and the receipt of money into the Consolidated Fund of India. Provisions on capital structure, governance, share issuance, shareholder reservation, fund management and audit were treated as ancillary or incidental to that fiscal object. The challenge also failed because the Speaker's certificate under Article 110(3) was not specifically assailed, and that certification was treated as final within the narrow scope of judicial review. Case-Laws Indian Laws Mon, 21 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429132