Supreme Court of India
M/s. S. C. Cambatta & Co. Private Ltd., v. The Commissioner of Excess Profits Tax, Bombay
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Excess Profits Tax-Assessment-Sale of theatre and restaurant -Goodwill-Value of-Principle of computation-Excess Profits Tax Act, z940 (XV of I940). The appellant carried on various businesses and one such was the running of a Theatre and Restaurant. In October, 1943, a subsidiary company was formed which was using the premises of the Theatre under a lease granted to it from April, 1944· In working out the capital of the two companies for excess profits tax, a claim of rupees five lakhs for goodwill as part of the capi tal of the subsidiary company was not taken into account.
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