https://www.taxtmi.com/caselaws?id=169649 A remittance from Penang to Moulmein was treated as taxable profit because the assessee failed to prove that it was a return of capital; the original capital had been absorbed by earlier losses, and the books showed later profits and funds exceeding the initial remittances. Income accruing in Moulmein during the accounting year remained assessable in India even though it was also taxed in Burma, since foreign taxation did not displace Indian liability and double-tax relief depended on the statute. Interest credited to the assessee's sister and daughter was not excluded from business profits, as no valid trust or gift was created by precatory language or mere book entries without appropriation of identifiable property. en-us Thu, 12 Apr 1945 00:00:00 +0630 Wed, 29 Apr 2015 11:39:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169649 A remittance from Penang to Moulmein was treated as taxable profit because the assessee failed to prove that it was a return of capital; the original capital had been absorbed by earlier losses, and the books showed later profits and funds exceeding the initial remittances. Income accruing in Moulmein during the accounting year remained assessable in India even though it was also taxed in Burma, since foreign taxation did not displace Indian liability and double-tax relief depended on the statute. Interest credited to the assessee's sister and daughter was not excluded from business profits, as no valid trust or gift was created by precatory language or mere book entries without appropriation of identifiable property. Case-Laws Income Tax Thu, 12 Apr 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=169649