Supreme Court of India
Commissioner of Income Tax, Gujarat-i v. Navnit Lal Sa Kar Lal Etc.
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 17-Commission payable to employee- Assessee expended in purchase of Deferred Annuity Policy from life Insurance c Corporation by the employer for the benefit of assessee-Whether includib/e in the hands of assessee as income chargeable under the head Salaries- Held, yes. Assessee-respondents are Managing Directors of employer-company. Under the terms of agreement, they are entitled to remuneration. Later, a resolution was passed by the Board of Directors of the company to expend the commission payable to the assessees in purchase of Deferred Annuity Policies from
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