https://www.taxtmi.com/caselaws?id=7247 Sale proceeds from cloth transactions were not received by the assessee in the taxable territories for purposes of section 4(1)(a) of the Indian Income-tax Act, 1922. The court followed an earlier ruling on similar facts and treated receipt as having occurred at Indore when the bank credited the seller upon receiving the railway receipts and documents, because the bank dealt with those instruments on its own account and not merely as a collecting agent. On that footing, later recovery from the consignees in the taxable territories did not amount to receipt by the assessee there, so the assessment on that basis failed and the issue was answered against the Revenue. en-us Wed, 04 Oct 1967 00:00:00 +0530 Mon, 16 Feb 2009 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7247 Sale proceeds from cloth transactions were not received by the assessee in the taxable territories for purposes of section 4(1)(a) of the Indian Income-tax Act, 1922. The court followed an earlier ruling on similar facts and treated receipt as having occurred at Indore when the bank credited the seller upon receiving the railway receipts and documents, because the bank dealt with those instruments on its own account and not merely as a collecting agent. On that footing, later recovery from the consignees in the taxable territories did not amount to receipt by the assessee there, so the assessment on that basis failed and the issue was answered against the Revenue. Case-Laws Income Tax Wed, 04 Oct 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7247