Supreme Court of India
Vibhuti Glass Works v. Commissioner of Income Tax, 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.
1 Supreme Court bench has cited this judgment.
What the Court ordered
In the result, the appeal fails and is dismissed but in the circum- -t stances there is no order as to costs.
Judgment, page 5
From the headnote
Income Tax ;I.ct, 1961: Section 28-Income-Accrual of Factory owned by assessee-State Government allowed to manage for 20 years as condition for grant of loan-Profits earned-Applied by managing State Government for paying assessee's debts-Whether assessee assessable. The assessee Company had a glass factory besides other bnsiness. Since the glass factory business had, been suffering losses for several years, resulting in increasing debt, the assessee took loans from the State Government and mortgaged the land, buildings and machinery. Later, under a deed executed by it the assessee allowed
Authorities it was built on
Where later benches applied it
Of those, 1 mentioned
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