Supreme Court of India
M/s. Rajputana Textiles (agencies) Ltd. v. The Commissioner of Income-tax, Bombay City
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-Business transaction-Whether adventure in the nature of trade-Intention of the assessee-Pro.fits-Whether revenue or capital receipt-Advisory jurisdiction-Points not taken before High Court-Whether could be raised before the Supreme Court Taxation on Income (Investigation Commission) Act, r947 (30 of r947), s. 8(5). The assessee company was promoted with .the idea of obtaining the Managing Agency of the Appollo Mills from M/s. Sassoon & Co., Ltd., who were holding 19,76,000 shares out of a total of 25 lakhs shares of Rs. 2 each. According to the agreement the assessee company had
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