Supreme Court of India
A.R. Krishnamurthy & Anr v. C.L.T. Madras
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 Act, 1961: Sections 2(14), 2(47), 45 and 261- Capital gains-Taxability of-Piece of Land purchased by assessee M ining lease to excavate clay from the land granted-Amounts to trans- fer of 'capital asset'-Capital gains arise-Cost of acquisition of right to grant mining lease is computable-Nexus between 'cost of acquisition' and 'grant of lease'' exists-Best valuation possible to be made on basis of evidence. · The appellant-assessee, a body of individuals, purchased two pieces of land in the year 1966. In 1970 it granted a mining lease to a private company (an allied concern) to
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