Supreme Court of India
Commissioner of Income Tax, Patiala v. Patiala Flour Mills Co. Pvt. Ltd., Patiala
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
The Respondent-assessee claimed in its assessment to tax for the assessment year 1970-71 that the amounts of deficiency under Sec. 801 for the current as well as past assessment years were liable to be adjusted against the profit of Rs. 1,51,011/- earned by its cold storage plant which was a new industrial undertaking to which sub-section (4) of Sec. 80J of the Income Tax Act applied. The assessee did not make any profit in the business of cold storage plant during the assessment years 1967-68, and 1968-69 and 1969-70, but there was profit in the other businesses and the losses, depreciation…
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