Supreme Court of India
Nectar Beverages Pvt. Ltd. v. Deputy Commissioner of Income Tax
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 - s. 41(1) and (2) - 'Balancing _ charge' - Concept of-Assessment years 1990-91 - 1998-99 -Purchase of bottles and crates before 1.4.1995, costing less than Rs. 50001- - Sale proceeds of 100% depreciable assets in subsequent years - Profit on sale of assets - Taxability of, on account of deletion of s. 41 (2) - Balancing charge in s. 41(2), if could be read into s. 41(1) - Held: Each of the sub- sections to s. 41 deal with different and distinct circumstances - One cannot read recoupment under one sub-section into another- Bottles and crates purchased prior to 31.3.1995
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