https://www.taxtmi.com/caselaws?id=7657 Remittance received in India was treated as taxable income where, on the facts, it represented accumulated business profits earned outside the taxable territories after the relevant statutory cut-off date, rather than a mere capital receipt. The claimed exemption under the proviso to section 4(1)(b)(iii) failed because the required investment and custody conditions were not strictly met; the amount was not invested through the prescribed channel or kept in the stipulated custody. Reassessment under section 34(1) was regarded as proper where no return had been filed and the income had escaped assessment. en-us Tue, 30 Sep 1969 00:00:00 +0530 Tue, 17 Mar 2009 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7657 Remittance received in India was treated as taxable income where, on the facts, it represented accumulated business profits earned outside the taxable territories after the relevant statutory cut-off date, rather than a mere capital receipt. The claimed exemption under the proviso to section 4(1)(b)(iii) failed because the required investment and custody conditions were not strictly met; the amount was not invested through the prescribed channel or kept in the stipulated custody. Reassessment under section 34(1) was regarded as proper where no return had been filed and the income had escaped assessment. Case-Laws Income Tax Tue, 30 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7657