https://www.taxtmi.com/caselaws?id=49700 The Supreme Court held that the imposition of a tax on capital gains under Section 12-B of the Indian Income-tax Act was within the legislative powers of the Central Legislature under Entry 54 of List I of the Seventh Schedule of the Government of India Act, 1935. The Court interpreted the term "income" broadly to include capital gains, dismissing arguments that the tax was invalid due to being introduced through an amendment. Consequently, the appeal was dismissed, affirming the validity of the tax on capital gains. en-us Mon, 01 Nov 1954 00:00:00 +0530 Tue, 09 Sep 2014 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49700 The Supreme Court held that the imposition of a tax on capital gains under Section 12-B of the Indian Income-tax Act was within the legislative powers of the Central Legislature under Entry 54 of List I of the Seventh Schedule of the Government of India Act, 1935. The Court interpreted the term "income" broadly to include capital gains, dismissing arguments that the tax was invalid due to being introduced through an amendment. Consequently, the appeal was dismissed, affirming the validity of the tax on capital gains. Case-Laws Income Tax Mon, 01 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49700