Supreme Court of India
The Commissioner of Excess Profits Tax, Madras v. N. M. Rayaloo Iyer & Sons.
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
Excess Profits Tax-Deductions-Remuneration of managing agent-Percentage of net profits less outgoings-Excess Profits tax, if included in outgoings-Construction of agreement-Commission paid to branch managers-Deduction when reasonable and neces sary-Indian Income-tax Act, I9Z2 (II of I92Z), ss. Io(z)(xv), Ip(z)(x)-Excess Profits Tax Act, I940 (IS of I940), ss. 2(I6), I9, ZI, Sch. I, cl. (IZ). The respondents, a firm carrying on business in dyes and chemicals under the name and style of Colours Trading Com pany, with their head office at Madurai and thirtee_n branch offices in different
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