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| The Tax Publishers2020 TaxPub(DT) 3000 (Jhar-HC) INCOME TAX ACT, 1961
Section 43CA
Where petitioner challenged constitutional validity of section 43CA, and thereafter sought permission to withdraw petition in order to move before appropriate Forum, petition was dismissed as withdrawn.
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Special provision for full value of consideration - Transfer of assets other than capital assets - Constitutional validity of section 43CA -
Petitioner contended that section 43CA inserted vide Finance Act, 2013 with effect from 01-4-2014, by which special provision for full value of consideration for transfer of assets other than capital assets has been provided, is ultra-vires Constitution of India. Petitioner contended that Income Tax Act, 1961 is a law made under Entry 82, Schedule VII-List I of Constitution of India and sections 4 and 5 of the said Act contemplates levy or tax upon all income and by no stretch of imagination meaning an scope of 'total income' be substituted by 'Valuation assessed by any Authority of a State Government for the purpose of payment of stamp duty'. Held: Counsel for petitioner sought permission to withdraw writ petition in order to move before the appropriate Forum. Counsel for Income Tax Department did not object to prayer. Petition was dismissed as withdrawn.
REFERRED :
FAVOUR : Petition withdrawn
A.Y. :
IN THE JHARKHAND HIGH COURT
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