JAGWANSH KUMAR Vs. UNION OF INDIA

JUDGEMENT

(1.) JAGWANSH Kumar has challenged the validity of Sub-clause (iii)(b) of Clause (14) of Section 2 of the Income-tax Act, 1961.

(2.) SECTION 3 of the Finance Act, 1970, substituted SECTION 2(14)(iii) from April 1, 1970, by a new provision, the relevant portion of which is reproduced below :

(3.) CONTRARY view has been taken in Ambalal Maganlal v. Union of India [1975] 98 ITR 237 (Guj) and in B.S. Jayachandra v. ITO [1986] 161 ITR 190 (Kar).