Supreme Court of India
N. T. Patel and Company v. Commissioner of Income-tax, Madras
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-Partnership-Registration of-Shares of part ners in profit and loss not specified-Refusal of registration, if proper-Indian Income-tax Act, r922 (II of r922), s. 26A. partnership consisting of four persons was formed on March 3r, r949, which was to come to an end on March 3r, r954. On July 27, r95r, a fifth partner was taken into the partnership. On March 29, r954, a r.ew partnership was enter ed into taking in a sixth partner who contributed Rs. 40,000 as his share to the capital. In the partnership deed no express provision was made as to the manner in which profits and losses
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