Finance Act 2007 Amendments to Section 17(2) are constitutionally valid

All India Central Bank Officers Federation Vs Union of India (Bombay High Court) Bombay High Court held that Explanation 1 and 4 below section 17(2) of the Income Tax Act by the Finance Act, 2007 cannot be declared ultra-vires, irrational or unconstitutional. Said amendments are constitutionally valid. Facts- The Petitioners are Associations/Federations of the officers of nationalised banks. They purport to represent the bank officers. In some of the Petitions, there was a prayer for a grant of leave to prosecute these Petitions in a representative capacity. However, such prayers were not purs...