Supreme Court of India
Kantilal Manilal and Ors. v. The Commissioner of Income-tax, Bombay
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-Distribution of new shares at half the market value-If amounts to distribution of dividend-Assessment-Re opening of-The Indian Income-tax Act, r9a2 (II of r9zz), ss. a(6A) (a), 66(r). The appellants were shareholders of a company known as Navjivan Mills ltd. which held a large number of shares of the Bank of India. The Bank with the object of increasing their share capital offered some more shares to the Mills for a price including premium which was about half the market value. The Mills purchased a small number of the shares so offered with their own funds and distributed their
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