Supreme Court of India
Commissioner of Income-tax, Gujarat v. Arvind Mills Ltd.
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 are of the opinion that the language of the provision is perfectly clear.
Judgment, page 21
From the headnote
Income TaxAct, 1961: Section 43A-Capital asset-Purchase of from foreign country-En hancement of liability consequent upon devaluation of Indian currency-- Development rebate-Whether could be allowed on the increased cost. The Respondent-assessee had acquired, for the purpose of its busi ness, a capital asset from a country outside India by making payment in foreign currency. For acquiring the said assets, it borrowed money in foreign currency from outside agencies and the liablility in respect of such assets was outstanding. Due to devaluation of the Indian currency in 1966, the said
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