Supreme Court of India
N. Bagavathy Ammal v. Commissioner of Income Tax, Madurai and Anr.
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.
1 Supreme Court bench has cited this judgment.
From the headnote
Income Tax Act, 1961; Sections 2 (14), 45, 46(2), 47, 48 and 256(1): Agricultural land received by assesseelshareholder on distribution of assets of c a company in liquidation-Exclusion of value of such agricultural lands in computing capital gains from levying of Income tax-Held, object of introducing Section 46(2) was to broaden the base of incidence of capital gains and expressly providing for receipts of assets on distribution of share by a company in liquidation as taxable event-Hence, assessee is liable to pay tax on the market value of such agricultural lands-Income Tax Act, 1922 s.12-
Where later benches applied it
Of those, 1 mentioned
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