Supreme Court of India
Karam Chand Thapar & Bros. (p) Ltd. v. Commissioner of Income-tax, (central) 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.
From the headnote
Income Tax-Single transaction of salt resulting in profit-.,,lun such profit should be deemed to be revenue liable to tax-lncomt-tax .•t (11 of 1922), •. 24(1) and (2)-Sale in one accounting year t:nd ••1111· ment of price in the succeeding year-Sale resulting in cessation al b&. ness and in loss-Assessment proceedings for th• latter Y•-lf Ion .., allowable deduction under s. 24(1). The assessee-company was carzying on the business of coal minin1· uol of a Dry Ice Factory, in addition to various other kinds of busineas, Jt obtained a prospecting licence, and after prospecting for coal sold it
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