Supreme Court of India
The Travancore Rubber and Tea Co. Ltd. v. Commissioner of Income Tax, Trivandrum
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 SJ-Agreement for sale of old rubber trees-Earnest money and advance amount received by assessee-Default in payment of balance amounts by purchasers-Forfeiture of amounts by assessee as per agreement-Forfeited amounts-Capital or revenue receipt Held, the forfeited amounts relate to sale of capital asset and therefore a capital receipt-Indian Contract Act, 1872-Section 74. Appellant-assessee, a plantation company, is engaged in the business of growing rubber and tea. The assessee entered into agreements with purchasers for sale of old rubber trees. Earnest money
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