Supreme Court of India
Birla Jute Manufacturing Co. Ltd. v. Commissioner of Wealth Tax, West Bengal, 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
Wealth Tax-Inflated value of assets shown in balance sheet of company -When wealth tax officer is justified in accepting such figure. In the assessment year 1948-49, the assessee, a public limited com pany revalued its assets and enhanced the book value by Rs. 145,00,000 arid continued to show the inflated valuation in the balance-sheets for subsequent years. For the assessment year 1957-58, the Department 1ook the valuation of the assets as shown in the balance sheets. The assessee. however, claimed that the said Rs. 45,00,000 should be deducted in the computation of the net value. Before
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