Supreme Court of India
M/s. Printers House Pvt. Ltd. v. M/s. Cold Storage & Food Products.
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
The respondent-assessee was assessed to income tax for the assessment year 1957-58 ending with financial year March 31, 1957. Subsequently, it came to the notice of the Income Tax Officer that the assessee had not shown in his return a sum of Rs.15 lakhs which he had earned as capital gains by the sale of his mining business. According to the assessee, the transfer of the business had been made on 31.3.1956 and as such the capital gain was not leviable to taxation since capital gain was not subjected to taxation in the assessment year 1956-57.
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