Supreme Court of India
Universal Plast Ltd. v. Commissioner of Income Tax, Calcutta
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 hold that both the High Courts were right in answering the questions referred to them, in favour of the Revenue and agairist the assessee.
Judgment, page 12
From the headnote
Income Tax Act, 1961: Sections 2 (13) 28 and 56. Income Tax-Profits and Gains of business- Y 1977-7 8-Licence fee Receipt of-By leasing and letting out factory, godowns and machinery Business income or income from other sources-Tests to determine-Held : Such licence fee received by assessee is not business income-Such letting out also did not constitute business of assessee. The Appellant-assessee (in 'UPL' case) set up a factory for manufacturing of PVC sheet, and allied products. The assessee suffered losses for two years and, therefore, .it entered into a "leave and licence" agreement
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