Supreme Court of India
Lagdish Sugar Mills Ltd. v. The C.i.t Lucknow
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 Officer called upon the assessee to explain why the excess amount which he had received on sale of the buildings, machinery and plant over the difference between the original and the written down value should not he subjected to tax under cl. (vii) of sub-s. (2) of s. 10 and under -s. 12B of the Indian Income-tax Act, 1922. The assessee contended (i) that an aucµon sale being a compulsory sale was not a sale within the meaning of cl. (vii) of sub-s. (2) of s. 10; and (ii) that the sale having been completed prior to March 31, 1956, it did not attract the provisions of s. 12B
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