Supreme Court of India
D.S. Bist & Sons, Nainital v. Commissioner of Income Tax, Delhi Central, New Delhi
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.
What the Court ordered
We hold that the sum of Rs. 24,252/• is not taxable in the hands of the ai:ipellant for the assessment year 1957-58 by virtue of the second proviso to section 10(2) (vii) of the Indian Income Tax Act, 1922,, and we answer the question referred in favour of the appellant and against the Revenue.
Judgment, page 5
From the headnote
November 3, 1978 Income Tax Act 1922-S. 3, 10(2) (vii)-Firm lvhether a separate taxable entity-Whether same as partners-Balancing charge-Whether depreciation allowed to a disrupted HUF. to be taken into consideration in determining the balancing charge of a firm which takes over the HUF business as a going con... cern. Hindu Undivided Family consisting of Thakur Dan Singh and his son Thakur Mohan Singh was carrying on business as forest contractors. There was a total disruption of the family in March, 1956. On that day, the written down value of three trucks owned by the Hindu Undivided
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