Navinchandra Mafatlal vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1954-11-01 AY: 1947-48 Section: 2(24), 45 Acts: Indian Income-tax Act, 1922; Indian Income-tax and Excess Profits Tax (Amendment) Act, 1947 (XXII of 1947); Government of India Act, 1935 Result: Revenue Citation: (1954) 26 ITR 758 (SC) Justices: Mehr Chand Mahajan, C.J.; S.R. Das, Ghulam Hasan, N.H. Bhagwati & T.L. Appeal No: Civil Appeal No. 194 of 1952
Whether the imposition of a tax under the head 'capital gains' by the Central Legislature was ultra vires the Government of India Act, 1935? --- Held: No. The Supreme Court upheld the validity of Section 12B of the Indian Income-tax Act, 1922, as amended by Act XXII of 1947, ruling that capital gains fall within the ordinary meaning of 'income' under Entry 54 of List I of the Seventh Schedule to the Government of India Act, 1935.

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