Supreme Court of India
Commissioner of Income Tax (central) Delhi v. Harprasad & Co. (p) Ltd.
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.
5 Supreme Court benches have cited this judgment.
What the Court ordered
For the foregoing reasons, we are of the opinion that the H:igh Court was in error in answering the question referred to it, in favour of the assessee.
Judgment, page 9
From the headnote
Income-tax Act (ll of 1922) Sections 128, 22(2A), 24(2A) & (2B)- Capital loss incurred in 1/te year when capital gains were not exigible to tax- lf could be set against capital gains in subsequent years. By the Income-tax and Excess Profit Tax (Amendment) Act, 1947 s. 12B was inserted in the Indian Income-tax Act, 1922 .. making capital gains which arise after March 31. 1946, taxable. The same ':t inserted sub-sections (2A) and (2B) in s. 2.4 of the Income-tax Act. As a result of the Indian Finance Act, 1949 which restricted the operation of s. 12B to capital gains ari.sing before April l,
Where later benches applied it
- 2025 M/s Stemcyte India Therapeutics Pvt. Ltd. v. Commissioner of Central Excise and Service Tax, Ahmedabad -iii
- 2015 Commissioner of Income Tax, Gauhati & Ors. v. M/s. Sati Oil Udyog Ltd. & Anr.
- 2010 Jt. Commissioner of Income Tax, Surat v. Saheli Leasing & Industries Ltd.
- 2008 Commnr. of Income Tax-i, Ahmedabad v. Gold Coin Health Food Pvt. Ltd.
- 2004 Ipca Laboratory Ltd. v. Deputy Commissioner of Income Tax, Mumbai
Of those, 5 mentioned
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