Supreme Court of India
Dmai
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 amount received by the company, which was taxed under Section 41(2) of the Act did not represent "accumulated profits" within the meaning of that expression in Section 2(22) of the Act.
Judgment, page 14
From the headnote
JUDGMENT: [with . . Nos. 2144-46, 2147-49,2150-52,2153-55, 4204- 9/1982, 3274/84, 5915/83, 2337/84 and 1239-45/86] J U M N T KIRPAL.J. These appeals arise by virtue of a certificate having been granted by the Madras High Court under Section 261 of Income Tax Act, 1961 and the common questions of law referred relate to the interpretation of Section 2(22) of Income Tax Act, 1961 (hereinafter referred to as "the Act"). Briefly stated, the facts are that the respondents- assesses were share-holders of Tinnevely Motor Service Company Private Limited.
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