https://www.taxtmi.com/caselaws?id=168369 Profits of a non-resident bank were treated as accruing through a real business connection in British India under Section 42(1) of the Income-tax Act, 1922, even though the loans were negotiated outside British India and routed through branch operations. The Privy Council held that the statutory language was wide enough to cover indirect accrual through a genuine business connection, and the facts showed that the loans would not have been made but for that connection between the banks. Once that link was established, the resident bank was correctly treated as the agent of the non-resident bank under Section 43 as a statutory consequence. en-us Sun, 02 Jun 1940 00:00:00 +0530 Tue, 06 Oct 2020 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168369 Profits of a non-resident bank were treated as accruing through a real business connection in British India under Section 42(1) of the Income-tax Act, 1922, even though the loans were negotiated outside British India and routed through branch operations. The Privy Council held that the statutory language was wide enough to cover indirect accrual through a genuine business connection, and the facts showed that the loans would not have been made but for that connection between the banks. Once that link was established, the resident bank was correctly treated as the agent of the non-resident bank under Section 43 as a statutory consequence. Case-Laws Income Tax Sun, 02 Jun 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168369