Supreme Court of India
Delhi Farming and Construction (p) Ltd. v. Commissioner of Income Tax, Delhi
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: Sections 2(24)(vi) and (45), 45, 47(viii), 104 and 109(1)-levy of Super Tax on undistributed income of investment company-Capital gain to assessee- company prior to 1.3.1970 by compulsory acquisition of agricultural land Decision by Directors of the assessee-company not to use the money for payment of dividend due to past losses and meagreness of the profit for the current years-income tax officer holding the company liable to additional income tax-Propriety of levy-Held : The Capital gain could not have been subjected to tax as it was wholly exempted from 'capital…
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