Supreme Court of India
Eastern Investments Ltd. v. Commissioner of Income-tax, West Bengal
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
Indian Income-tax Act (XI ·of 1922), s. 12(2)-Business expenditure-Interest on debentures-Reducing capital of company hy taking over shares and giving debentures to shareholder-Income of company reJucd-lnterest on Jebentures,.whether allowable. private limited company formed for dealing in shares and securities had a share capital of 250 )acs of rupees of which shares of the face value of 50 lacs were held by and the remaining shares were held by his nominee's. As the company was in need of money it was resolved, with the consent of , to reduce the share capital by 50 lacs by the· oompany
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