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 are of the opinion that amount realized is a part of the consideration for wiping off the assessee’s trading liability as assessee took the opportunity for wiping off liabilities by filing a criminal case against the bank.
Judgment, page 2
From the headnote
JUDGMENT: J U M N T .P. JEEVAN REDDY,J. This appeal is preferred against the judgment of the Delhi High Court answering the question referred at the instance of the assessee against him. The question stated under Section 256(1) of Indian Income Tax Act, 1922 was "whether on the facts and circumstances of the case, the Tribunal was right in law in adding Rs.1,13,092/- to the total income of assessee in the accounting year ending 31-3- 1961 ".…
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