Supreme Court of India
Nirmal Trading Company v. Commissioner of Income Tax, Central (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
described as "speculative transactions" within the meaning of Explana tion 2 to s. 24 ( 1) of the Indian Income Tax Act, 1922 and allowing the appeal it directed that the loss suffered by the assessee should be set-off under s. 24 ( 1) of the Act. At the instance of the Revenue, the Appellate Tribunal referred the following question to the High Court at Calcutta for its opinion :- "Whether, on the facts and in the circumstances of the case, the loss of Rs.
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