Supreme Court of India
The Bihar State Co-operative Bank Ltd. v. The Commissioner of Income-tax
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-Co-operative Bank-Interest received on deposits with other banks-Exemption from taxation under Notification Indian Income-tax Act, r922 (XI of r922) ss. IO, I2. The Appellant Bank which was registered under the Co operative Societies 'Act, 1922, received, in the relevant account years, by way of interest on deposits with the Imperial Bank of India certain sums of money. The Income-tax Officer assess ed the aforesaid sums under s. 12 of the Indian Income-tax Act 1922, as income from other sources, but the appellant claimed that the deposits were made not with the idea of making
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