https://www.taxtmi.com/caselaws?id=190195 A remittance from Saigon to British India through an overdrawn banking account was treated as receipt of foreign income under Section 4(2) of the Indian Income-tax Act, 1922, because the account had to be viewed as a whole. The foreign profits credited to the account were sufficient to cover the remittance, and later substantial profit credits showed that the amount brought into British India was ultimately traceable to those profits. The existence of an overdraft did not, by itself, convert the remittance into borrowed money or prevent it from being taxed as income received in British India. en-us Tue, 31 Dec 1940 00:00:00 +0530 Wed, 08 Feb 2017 18:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190195 A remittance from Saigon to British India through an overdrawn banking account was treated as receipt of foreign income under Section 4(2) of the Indian Income-tax Act, 1922, because the account had to be viewed as a whole. The foreign profits credited to the account were sufficient to cover the remittance, and later substantial profit credits showed that the amount brought into British India was ultimately traceable to those profits. The existence of an overdraft did not, by itself, convert the remittance into borrowed money or prevent it from being taxed as income received in British India. Case-Laws Income Tax Tue, 31 Dec 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190195