Supreme Court of India
Ramesh Narain Saxena and Ors. v. Commissioner of Income Tax, New Delhi
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 decision of the High Court is not really based upon Section 41(1).
Judgment, page 5
From the headnote
Income Tax Act, 1961: Sections 28 anq 41(1). Income Tax-Assessee-f'ledge of goat skins with bank and over.iraft obtained against pledge-Damage to pledged goods--Assessee initiated criminal prosecution against bank officials-Compromise between par ties-Assessee withdrawing prosecution-Bank waiving amount due to it-Held compensation received by assessee for loss of damage to goods was a trading receipt and accordingly assessable to tax. The appellant-assessee, an exporter of hides and skins, pledged certain quantity of goat skins with the National Grindlays Bank during the accounting year
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.