Supreme Court of India
Alapati Venkataramiau v. Commissioner of Income Tax Hyderabad
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 only one asset, namely, furniture was transferred before April I, 1948.
Judgment, page 9
From the headnote
Indian Income-tax Act, 1922 (11 of 1922), s. 12B-Capital Gains- Passing of Title-What constitutes-Date of sale or transfer -What is. On 17th March 1948, the assessee entered into an agreement to sell his factory to a company, and on the very same day possession of all the assets of the factory was handed over to the company. few days later an entry was made in the company's account showing that a sum of Rs. 2,00,000/- had be€n paid to the assessee and there were corresponding entries in the assessee's accounts also. In fact only a lakh and odd was paid to the asS<Ossee and even that amount
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