https://www.taxtmi.com/caselaws?id=49397 Income derived by a separate statutory corporation from its transport business was not the income of the State under Article 289(1), because the corporation had its own legal personality and its profits and losses belonged to it; mere State control or transfer of surplus to the State did not confer constitutional immunity from Union taxation. The Road Transport Corporations Act, 1950 also did not create any exemption or repugnancy with the Income-tax Act, 1922, since its fund-management provisions operated independently of the charging provisions. The corporation therefore remained liable to income-tax and its challenge to assessment failed. en-us Thu, 05 Mar 1964 00:00:00 +0530 Sun, 24 Aug 2014 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49397 Income derived by a separate statutory corporation from its transport business was not the income of the State under Article 289(1), because the corporation had its own legal personality and its profits and losses belonged to it; mere State control or transfer of surplus to the State did not confer constitutional immunity from Union taxation. The Road Transport Corporations Act, 1950 also did not create any exemption or repugnancy with the Income-tax Act, 1922, since its fund-management provisions operated independently of the charging provisions. The corporation therefore remained liable to income-tax and its challenge to assessment failed. Case-Laws Income Tax Thu, 05 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49397