https://www.taxtmi.com/caselaws?id=168779 Interest on a single loan advanced by a non-resident was not treated as income accruing or arising in British India, because the transaction was an isolated advance and not part of any money-lending business or established course of dealing. The lender had no direct or indirect interest in the borrower's business, so no business connection existed within the statutory meaning. The phrase "property in British India" was held not to extend to a debt or chose in action merely because repayment passed through banking channels or the borrower applied the funds in business. The interest was therefore not deemed taxable in British India, and the company's assessment as agent could not stand. en-us Mon, 28 Oct 1935 00:00:00 +0530 Thu, 26 Mar 2015 14:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168779 Interest on a single loan advanced by a non-resident was not treated as income accruing or arising in British India, because the transaction was an isolated advance and not part of any money-lending business or established course of dealing. The lender had no direct or indirect interest in the borrower's business, so no business connection existed within the statutory meaning. The phrase "property in British India" was held not to extend to a debt or chose in action merely because repayment passed through banking channels or the borrower applied the funds in business. The interest was therefore not deemed taxable in British India, and the company's assessment as agent could not stand. Case-Laws Income Tax Mon, 28 Oct 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168779