Supreme Court of India
The Commissioner of Income Tax, Madras v. A. Gajapathy Naidu
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.
What the Court ordered
We hold that the High Court in the present case should have answered the second question referred to it in the affirmative.
Judgment, page 9
From the headnote
Indian Incometax Act, 1922 (11 of 1922), s. 4(1)(b)(ii) Construction of-Analogy from English Statuaes-"Accrue" or "arise", meaning of-Income arising out of earlier :transaction Proper year of assessment. certain sum of money was received by the assessee as payment of compensation for the loss sustained by him in res pect of a supply during the previous accounting year. The Income-tax Officer included the amount in the assessment year it was received. Appeals to the Appellate Assistant Commis sioner and to the Income-tax Tribunal were unsuccessful. But on a reference, the High Court held
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