https://www.taxtmi.com/caselaws?id=40021 Article 123 was held to empower the President to promulgate an ordinance amending tax law when Parliament was not in session, and that power was not excluded merely because the subject involved taxation or a Money Bill procedure. The Special Bearer Bonds scheme was also upheld under Article 14: the majority treated it as economic legislation aimed at canalising black money, found an intelligible differentia with a rational nexus to that object, and deferred to legislative judgment in fiscal policy. A dissent considered the scheme discriminatory against honest taxpayers and invalid. The constitutional challenge therefore failed and the legislation was sustained. en-us Fri, 13 Nov 1981 00:00:00 +0530 Thu, 07 May 2026 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40021 Article 123 was held to empower the President to promulgate an ordinance amending tax law when Parliament was not in session, and that power was not excluded merely because the subject involved taxation or a Money Bill procedure. The Special Bearer Bonds scheme was also upheld under Article 14: the majority treated it as economic legislation aimed at canalising black money, found an intelligible differentia with a rational nexus to that object, and deferred to legislative judgment in fiscal policy. A dissent considered the scheme discriminatory against honest taxpayers and invalid. The constitutional challenge therefore failed and the legislation was sustained. Case-Laws Indian Laws Fri, 13 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40021