Supreme Court of India
Commissioner of Income-tax, Gujarat v. M/s. B. M. Kharwar
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.
1 Supreme Court bench has cited this judgment.
From the headnote
Indian Income-tax Act 1922, s. !0(2) (vii) proviso (ii)-Fai:tory be longing to partnership firm transferred to private limited company Purtners continuing to hGve same interest in company as in firm-Transfer of assets of finn to company at value higher than written down value Profit whether can be taxed under s. 10(2) (vii) proviso (ii)-Section whether applies to realisation sales-Trc.nsfer must amount to sale before section can apply. Machinery of a factory belonging to the respondents firm, was trans ferred to a p'rivate limited company. In the share capital of company the partners of
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