Supreme Court of India
M. R. Goyel, Prop. M/s Milkhiram Bros. Bombay v. The Commissioner of Income Tax, Bombay City 1, 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.
1 Supreme Court bench has cited this judgment.
From the headnote
Jncome·tax-Person entering into contract for purchase of goods Thereafter transferring benefit of contract for consideration-Whether con• sideration received wa.r capital receipt or revenue. Uie appellant entered into a contract for the purchase of a large quantity of parachutes from the T. Company. The agreed purchase price was over Rs. 93 lacs and the assessee was required to deposit a sum of Rs. JO lacs by way of earnest money. As he did not have enough funds, he entered into an arrangement with certain other persons whereby the amount of Rs. 10 lacs was to be deposited by them and they
Where later benches applied it
Of those, 1 mentioned
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