Supreme Court of India
A.L.A. Firm v. Commissioner of Income Tax, Madras
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
Income Tax Act, 1961: Section 147(b)-Scope of-Assessment year 1961-62-Reassessment-Interpretation and meaning of the word "information"-Material coming to the notice of the Income Tax Officer subsequent to original assessment-Meaning of the word. "Escape". Dissolution of Firm-Valuation of closing stock-Principles-In continuing business closing stock to be valued at cost or market price which ever is lower-Where business is discontinued, the closing stock to be valued at market price.
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