Supreme Court of India
New Savan Sugar & Gur Refining Co. Ltd. v. Commissioner of Income-tax, Calcutta
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 the judgment of the High Court dated 20th September, 1963 is correct and this appeal must be dismissed with costs.
Judgment, page 12
From the headnote
Income-tax Act (11 of 1922), ss. 10(2)(vi-a) and (vi-b) Qnd 12(3) and (4)--Scope of s. 10-lf els, (vi-a) and (vi-b) of s. 10(2) could be read bv implication into s. 12. The assessee-company, carrying on the business of crushing sugar cane and gur refining, apprehending loss, entered into a lease with another company. Under cl. (7) of the indenture, the consideration of the lease was royalty payable on the manufacture of sugar and molasses and was subject to a minimum payment of Rs. 65,000 per annum. The lease was for a term of 5 years commencttng from !st June 1945 with an option to continue
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