Supreme Court of India
Indo Rama Synthetics (i) Ltd. v. C.L.T., New Delhi
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.115JB(2)- Explanation, Clause c (i) read with proviso - Appel/ant-assessee had revalued its fixed assets as on 31st March, 2000 (relevant to assessment year 2000-01) - Resultant surplus stood added to the cost of the assets - Revaluation reserve of equivalent amount was created on the liability side - During assessment year 2001- 02, Rs.26, 11, 74,0001-, being the differential depreciation, ,. ' transferred out of revaluation reserve and credited to P & L Account which the .O. disallowed and consequently said sum of Rs. 26, 11, 7 4, 0001- stood added back to the net
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