Supreme Court of India
Union of India and Anr. v. India Fisheries (p) Ltd.
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.
What the Court ordered
We hold that the In come Tax Officer was in error in applying s. 49E and setting ofli the refund due.
Judgment, page 5
From the headnote
Incqme Tax Act 1922, s. 49E-Department's power to set off r• fundable amount against tax remaining due-Whether available in respect of tax due from company in liquidation-Whether subject to ss. 228 and 229 of the Companies Act, 1913. The respondent company was directed to be wound-up and an official liquidator appointed by an order of the High Court in October, 1950. In December, 1950, the respondent was assessed to tax amount ing to Rs.…
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