Supreme Court of India
Commissioner of Income Tax, Delhi v. Bharat Carbon and Ribbon Mfg. Co. (p) Ltd.
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-Levy of Excise duty under Item 17(2) of Central Excise Tariff-Liability challenged by way of Writ Petition-Such disputed .... and unpaid Excise Duty-Whether a permissible deduction over same c accounting period or contingent liability not incurred-HELD, where mercantile system of accounting is adopted, amount is deductible when liability accrues though discharged at a later date. ,- j, The Respondent-Assessee was manufacturing Carbon Papers which was not liable to Excise Duty till 28th February, 1975.…
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