Supreme Court of India
Commissioner of Income Tax, Delhi-1 v. M/s Container Corporation of India 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.
What the Court ordered
In view of the aforesaid amendment, the Notifications issue d by the CBDT with regard to treating the ICDs as infrastructure fac ility were applicable only upto the Assessment Year 2002-03.
Judgment, page 7
From the headnote
Income Tax Act, 1961 – s.80-IA – Deduction under s.8 0-IA on the profits earned from the Inland Container Dep ots – Held: The ICDs are Inland Ports and are subject to the pr ovisions of s.80-IA – Deduction can be claimed for the income earne d out of these Depots – Customs Act, 1962 – s.2(12), 7(1)(aa). Disposing of the appeals, the Court HELD: 1. The Inland Container Depots (ICDs) functio n for the benefit of exporters and importers located i n industrial centers which are situated at distance from sea ports. The purpose of introducing them was to promote the export and import in the country
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