Supreme Court of India
Birla Jute Manufacturing Co. Ltd. v. Commissioner of Wealth Tax, West Bengal, Calcutta
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
Wealth Tax-Inflated value of assets shown in balance sheet of company -When wealth tax officer is justified in accepting such figure. In the assessment year 1948-49, the assessee, a public limited com pany revalued its assets and enhanced the book value by Rs. 145,00,000 arid continued to show the inflated valuation in the balance-sheets for subsequent years. For the assessment year 1957-58, the Department 1ook the valuation of the assets as shown in the balance sheets.…
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