Supreme Court of India
Madan Gopal Bagla v. The 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
Income-tax-Allowable deduction-Timber business-Surety to third party-Bacl debt-Capital loss or business loss-Indian In· come-tax Act, 1922 (XI of 1922), s. 10 (2)(xi). The appellant who was a.-timber merchant obtained a loan from the Bank of India on the ]oint security of himself and a third party, M. On the same day M obtained a loan from the Imperial Bank of India on the joint security of himself and the appellant. M failed in his business and the Imperial Bank of India realised the amount of the loan from the appellant who after getting some divi· dends from the receivers, wrote off the
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