Supreme Court of India
Seth Banarsi Dass Gupta & Anr. Etc. v. Commissioner of Income-tax, 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.
From the headnote
Income-tax Acr, 1922: s. 10(2)(vi), s. 24-Depreciation-Benefir of-Admissible only where assessee full owner of property-Assessee alone entit/,R:(i to maintain claim-Carried forward loss-Claim for ser off-When admissible-Assessee surrendering lease of partnership share for annuity-Nature of receipts-Whether profit for the inreresr held in business. ' ', a partner in a firm running a sugar factory, instituted a suit ~ _ for its dissolution in I948 and a Rereiver was appointed by the Court. The arrangement arrived at for the factory was that it would be leased out for a term of five years to the
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