Supreme Court of India
C.I.T., U.P. v. Bankey Lal Vaidya (dead) by L.rs~
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 Act, 1922, s. 128(1)-Partition of asset• of a firm 011 dis-· K solution-Assets of firms valuett--Outgoing partner paid value of his share-Whet.her transaction amounts to sale resulting· iii capital gain. The respondent who was the karta of his Hindu undivided family entered into partnership with one to carry on the business of manufac turing and selling pharmaceutical products etc. On July 27, 1946 the partnership was dissolved. The assets of the firm which included good will, machinery, furniture etc. were valued on tile date of dissolution at Rs. 2,50,000 and the respondent was
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