https://www.taxtmi.com/caselaws?id=190805 A remittance is taxable as foreign profits only where the assessee remits its own money; here, the transfer was made from funds credited to a creditor and under her express instructions, so it was not the assessee's remittance and was not taxable. Where a money-lending business takes over property in satisfaction of a debt and sells it piecemeal, the resulting trading loss is properly ascertained only when the final sale completes the transaction; the loss was therefore deductible in the accounting year of completion. The reference was answered for the assessee and the assessment had to be recomputed accordingly. 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 A remittance is taxable as foreign profits only where the assessee remits its own money; here, the transfer was made from funds credited to a creditor and under her express instructions, so it was not the assessee's remittance and was not taxable. Where a money-lending business takes over property in satisfaction of a debt and sells it piecemeal, the resulting trading loss is properly ascertained only when the final sale completes the transaction; the loss was therefore deductible in the accounting year of completion. The reference was answered for the assessee and the assessment had to be recomputed accordingly. Case-Laws Income Tax Thu, 10 Apr 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190805