Supreme Court of India
Vijaya Laxmi Sugar Mills Ltd. v. Commissioner of Income Tax, Kanpur
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
Companies Act, 1956: Company in liquidation-Liquidator Rea/isation of assets-Whether carrying on a business of the Company. income Tax Act, 1961: Ss. 28, 56, 57(iii)-Company in liquida- tion-Sale of assets-investment of sale proceeds in fixed deposits Whether a business of the company: inrerest income-Whether to be assessed under s. 28: expenditures incurred by liquidator-Deduction of-Whether admissible under s. 57(iii): interest accrues sui generis. The appellant-company was ordered to be wound up in 1949. In the course of its winding up the liquidator sold certain assets of the company
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