https://www.taxtmi.com/caselaws?id=7781 A negotiable instrument taken without prior acceptance by the drawee does not, by itself, assign the drawee's funds or establish receipt at the place of drawing. On the findings recorded, the Bombay firm had not accepted the hundies in advance, and the person negotiating them was treated as collecting on behalf of the assessee rather than acquiring them as an absolute holder for value. The payment was therefore referable to receipt at Bombay, not in Gwalior State. The assessee was accordingly held not entitled to the Part B States (Taxation Concessions) Order, 1950 benefit. en-us Mon, 17 Feb 1969 00:00:00 +0530 Thu, 19 Mar 2009 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7781 A negotiable instrument taken without prior acceptance by the drawee does not, by itself, assign the drawee's funds or establish receipt at the place of drawing. On the findings recorded, the Bombay firm had not accepted the hundies in advance, and the person negotiating them was treated as collecting on behalf of the assessee rather than acquiring them as an absolute holder for value. The payment was therefore referable to receipt at Bombay, not in Gwalior State. The assessee was accordingly held not entitled to the Part B States (Taxation Concessions) Order, 1950 benefit. Case-Laws Income Tax Mon, 17 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7781