Supreme Court of India
Commissioner of Income Tax v. Shivakami Co. Pvt. 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.
From the headnote
Indian Income Tax Act 1922/ Income Tax Act 1961, s.12 (2) first proviso/ s.52 - Capital asset - Acquisition of - Understatement of consideration in transfer of property - Understatement of value, a mis-statement of value - selling at under value to defeat revenue different from understating value in a document of sale. The respondent, a private COllpany under the Companies Act, 1956 in . . 1533 of 1974, had shares in two private companies. During the relevant period, it sold those shares -f and according to the respondent-assessee, the sales resulted in a loss. The shares were not quoted in
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