https://www.taxtmi.com/caselaws?id=5927 The Supreme Court upheld the Kerala High Court's decision that funds received from abroad by the appellant, utilized for personal and business expenses, were assessable as the appellant's income for the assessment year 1962-63. The court found the funds were not loans as claimed but formed part of the appellant's personal finances, leading to the dismissal of the appeal. The court also dismissed appeals challenging penalties imposed on the appellant for not submitting returns for subsequent assessment years due to the appellant's failure to provide separate submissions on these penalty issues. en-us Wed, 30 Apr 1986 00:00:00 +0530 Sat, 29 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5927 The Supreme Court upheld the Kerala High Court's decision that funds received from abroad by the appellant, utilized for personal and business expenses, were assessable as the appellant's income for the assessment year 1962-63. The court found the funds were not loans as claimed but formed part of the appellant's personal finances, leading to the dismissal of the appeal. The court also dismissed appeals challenging penalties imposed on the appellant for not submitting returns for subsequent assessment years due to the appellant's failure to provide separate submissions on these penalty issues. Case-Laws Income Tax Wed, 30 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5927