Supreme Court of India
C.I.T., PUNJAB, HARYANA, J & K, H.P. & UNION TERRITORY OFCH v. PANIPAT WOOLLEN & GENERAL MILLS co. LTD.CHANDIGARH
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 are of the view that the Tribunal is the final fact Finding authority.
Judgment, page 13
From the headnote
In 1952, the assessee-company installed a new plant by raising a loan from the Industrial Finance Corporation, and appointed a sole selling agent of its product. ln 1953, the assessee changed the selling agent, and entered into an agreement with another selling agent. Under the agreement, the agent was to make advances and finance the assessee. Under cl. 7(1 ) of the agreement, the agent was to get a commission at the rate of 11% on the net proceeds of the sales of all its goods and 50% commission on the net profits of the new plant (the net profits being ascertained after deducting all the…
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