Supreme Court of India
M/s. Jonas Woodhead and Sons Ltd., Madras v. The Commissioner of Income Tax, Madras
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
Income Tax Act, 1961 : Section 37. income Tax-AYs. 1967-68 and 1968-69-Business expendi- ture--Royalty-Assessee, an Indian company, collaborated with a foreign c company for giving technical inf onnation and know- how for setting up plant for manufacture of products-For technical know-how and services srendered, asses see was liable to pay to the foreign company royalty at a certain percentage of gross turnover of such products-Assessee could continue # -~ manufacture even after expiry of agreement-Held : The entire amount of --'-" royalty paid by the assessee not a revenue expenditure even
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