Supreme Court of India
James Anderson, Administrator of the Estate of the Late Henry Gannon, Bombay 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 capital assets-Whether distribution mu.st be in specie-Sale of capital assets by administrator for distri bution amongst legatees-Profit on such sales, if amounts to capital gains liable to tax-Income-tax Act, r922 (XI of r922), s. I2B(I), third proviso. The appellant was the administrator of the estate of one Henry Gannon, a resident of British India, who left for the ~ · United Kingdom in 1944 and died there in 1945· In the course of administration the appellant sold certain shares and securities belonging to the deceased for the purpose of distributing the
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