Supreme Court of India
Life Insurance Corporation of India v. Commissioner of Income Tax
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
FEBRUARY 19, 1996 Income Tax Act, 1961/Life Insurance Corporation Act, 1956-Section 44 read with Rule 2(1)(b) of the First Schedule/S.7-Life Insurance Busi ness-Computation of Income-Refund of amount of excess tax paid by predecessor insurer prior to appointed day in 1956--Held, an allowable deduc- tion-Cannot be disallowed on mere ground of not having been included in the surplus in any earlier inter-valuation perio~Hamwnious construction of Rule 2(1)(b) of Income Tax Act and Section 7 of Life Insurance Corporation Act wa1Tants such constmction. Interpretation of Statutes-Hmmonious
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