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Blog # 27. Conditional Legislation

  Law reaches its end of serving justice and equity only if the medium of transportation and execution of the equivalent is prime. Having a law just in books and having a working, known, very much actualized and executed law are two different circumstances. Former is an instance of legislature at work and the latter is that of legislature and executive working together for reaching the end. Thus, conditional legislation is that thin line where these organs function independently as well as are interdependent in their exercise. Since, lawmakers cannot be present everywhere at every time, they delegate their legislative powers to subordinates where they can implement law to the extent of power they have been delegated. When conditions are added to such delegated power in matters of implementation, it becomes a conditional legislation. In the Venn diagram of Legislation , if delegation of power is a subset then conditional legislation is a sub-sub-set shown by “A” , “B” and “C” respective

Blog # 26. Concept of Real Income under the Income Tax Act, 1961

  What is Income ? Before understanding the concept of Real Income, it shall be important to go through the the term “Income” and “Real”. Income is defined under S.2(24) of the Income Tax Act, 1961(Hereinafter referred as “the Act”). The definition as provided under the Act is an inclusive definition so as to cover up all the usual as well as unusual items, however it certainly does not define it in a way that we can be said it to be precise. The same can be understood by various Judge Made Laws. The first and the lead amongst them is a Privy Council Judgment in the case of Kamakshya Narain   Singh CIT 11 ITR 513 (PC)         Facts The assesse was a “Raja” gave mining lease and He received payments by way of royalty for coal mines leased out to various lessees. The case of the Assessee was that this royalty income received by the Assessee was nothing but the recoupment of the resources which shall be exhausted by the end of the lease and thus the same was not income bu