Supreme Court of India
The Commissioner of Income-tax, Bombay v. The Jalgaon Electricity Supply Co., 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.
1 Supreme Court bench has cited this judgment.
What the Court ordered
In the result, the appeal fails, and will be dismissed with costs.
Judgment, page 8
From the headnote
Additional Income-tax-If could be levied on excess dividends, 'When there are pro.fits in the preceding years-Manner of calculation pf tax-Indian Finance Act, r949 and r950, Para. , of Part I of ·the First Schedule. After making all allowances and deductions, the income of the asscssee company was finally assessed for the years 1949.50 T 3 S. .R. SUPREME COURT REPORTS 881 and 1950-51 at Rs. 3.423 and Rs. 3,312 respectively. The assessee 1960 company had declared dividends of Rs. 46,024 and Rs. 56,326 for the above two years. Though no profits were brought Commissioner of forward from the
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