Supreme Court of India
Rampur Distillery and Chemicals Co. Ltd. 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.
What the Court ordered
We hold that the High Court committed a clear error in its holding that the amount in question is includable in the assess ment year 1957-.
Judgment, page 9
From the headnote
c Indian Income Tax Act, 1922-Section 16(2)-Declared dividend -Whe,n assessable to tax. The appellant was a limited company running a distillery, and getting income from a sugar company. The sugar company at an extra ordinary general meeting held on January 16, 1952, resolved by a reso lution that a dividend be declared out of the profits transferred to the Reserve Fund and, by a subsequent resolution, empowered the Board of Trustees to distribute them . among its shareholders whose names appeared on the register of the company on the said date. On the same day, the Board of Directors of
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