Supreme Court of India
Commissioner of Income Tax, Kolkata v. M/s. Hoogl Y Mills Co. Ltd.
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 32-Depreciation-On capital expenditure-Purchase of an undertaking-Accrued and future gratuity liability of the vendor also taken over by the purchaser-Claim for depreciation on the gratuity liability by the purchaser-assessee-Claim allowed by Courts below-Plea of Revenue that the liability being a revenue expenditure and not capital expenditure, not entitled to depreciation-In appeal, held: The gratuity liability is a capital expenditure-Even it being capital expenditure, assessee not entitled to depreciation, because the liability does not fall under any of the
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