https://www.taxtmi.com/caselaws?id=5225 The Supreme Court dismissed the Revenue's appeals, affirming the High Court's decision that no business connection existed between the Indian company and the non-resident companies. This ruling negated any deemed profit accrual in India for the non-resident companies, as the High Court found no such connection based on the affidavit of Cameron. The Supreme Court emphasized the Revenue's failure to challenge the affidavit's admissibility or content, leading to the dismissal of the appeals and the absence of liability for assessment under section 163(1)(a) of the Income-tax Act. en-us Fri, 10 Apr 1987 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5225 The Supreme Court dismissed the Revenue's appeals, affirming the High Court's decision that no business connection existed between the Indian company and the non-resident companies. This ruling negated any deemed profit accrual in India for the non-resident companies, as the High Court found no such connection based on the affidavit of Cameron. The Supreme Court emphasized the Revenue's failure to challenge the affidavit's admissibility or content, leading to the dismissal of the appeals and the absence of liability for assessment under section 163(1)(a) of the Income-tax Act. Case-Laws Income Tax Fri, 10 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5225