Supreme Court of India
Commissioner of Income Tax, Gujarat v. M/s. Saurashtra Cement 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 - Liquidated damages received by assessee from supplier of the cement plant and machinery on account of delay in supply of plant - Held: Is to be treated as capital receipt - The delay in procurement of capital asset i.e. the cement plant amounted to sterilization of the capital asset of the assessee - The amount received by the assessee towards compensation for sterilization of the profit o earning source, being not in the ordinary course of their business, was a capital receipt in the hands of the assessee. The respondent-assessee was engaged in manufacture of cement.
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.