Supreme Court of India
The Commissioner of Income-tax, Madhya Pradesh, Nagpur v. Swadeshi Cotton and Flour Mills
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 are of the opinion that this system of re opening accounts does not fit in with the scheme of the Indian Income Tax Act.
Judgment, page 5
From the headnote
lncome Tax-Deduciion of bonus-Bonus relating to 1947 paid in 1949-Claim for deduction for account year 1949-Sys tem of accounting by assessee-Principle of reopening of ac c-ounts-lf applicable-Indian Income-tax Act, 1922 (11 of 1922), ss. 10(2)(x), 10(5). The respondent company paid to its employees Rs. 1,08,325/ as bonus for tbe year 1947 in the calendar year 1949, as a result of tbe award of the Industrial Tribunal dated January 13, 1949. This amount was debited by the company in its profit and loss account for the year 1948 and the corresponding credit was given to the bonus p'l)'able
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