Supreme Court of India
M/s. Killick Nixon & Company v. Commissioner of Income-tax, Bombay
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
Indian Income-tax Act (11 of 1922), ss. 12B (2), 3rd provilo, and L5(3) and 32(4)-Tribunal disposing of apper.1-Duty to consider evl· dence-Scope of s. 12B (2) 3rd proviso a·nd s. 25(3). The assessee-firm sold its assets to two companies and discontinued its business with effect from !st February 1948. For t'he assessment year 1949-50 the income-tax department sought to assess, under s. 12B of the Indian Income-tax Act, 1922, the capital gains made by the ' lSessee. Capital gains under the section are computed, in a case (a) where there is no dispute about the market value of the asset on the
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