Supreme Court of India
Commissioner of Income-tax Bombay City-iii, Bombay v. Shantilal Private Limited Bombay
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 a transaction cannot be described as a: "speculative trans action" within the. meaning of sub-s. (5) of s. 43, Income Tax Act, 1961 where there is a breach of the contract and on a dispute bet ween the parties damages are awarded as compensation by an arbitration award.
Judgment, page 5
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