https://www.taxtmi.com/caselaws?id=190805 Remittance effected by a branch on a depositor's instructions using the depositor's funds is the depositor's remittance, not the bank's foreign profits, so it is not taxable under the Burma Income-tax Act; the court applied agency and ownership principles and decided for the assessee. Loss on sale of properties taken in repayment and treated as stock-in-trade must be measured when the composite transaction is finally completed; interim allocations are speculative, so the aggregate loss is deductible in the accounting year when the entire block is sold, decision for the assessee (HC). en-us Thu, 10 Apr 1941 00:00:00 +0530 Tue, 28 Feb 2017 15:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190805 Remittance effected by a branch on a depositor's instructions using the depositor's funds is the depositor's remittance, not the bank's foreign profits, so it is not taxable under the Burma Income-tax Act; the court applied agency and ownership principles and decided for the assessee. Loss on sale of properties taken in repayment and treated as stock-in-trade must be measured when the composite transaction is finally completed; interim allocations are speculative, so the aggregate loss is deductible in the accounting year when the entire block is sold, decision for the assessee (HC). Case-Laws Income Tax Thu, 10 Apr 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190805