https://www.taxtmi.com/caselaws?id=7998 Remittances credited into accounts maintained for a banker's banking business were treated as stock-in-trade rather than taxable profits, because the legal character of the remittance depends on the purpose and course of the banking business itself. Later transfer of the credited sums to another account, or temporary idleness of the funds, did not change the original character of the remittance. The Tribunal erred by focusing on subsequent movement of the money instead of determining whether the remittance was made in the ordinary course of banking business. On that basis, remittances of this kind were not to be taxed as remittances of accumulated profits under section 4(1)(b)(iii) of the Income-tax Act, 1922. en-us Thu, 15 Jan 1970 00:00:00 +0530 Thu, 26 Mar 2009 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7998 Remittances credited into accounts maintained for a banker's banking business were treated as stock-in-trade rather than taxable profits, because the legal character of the remittance depends on the purpose and course of the banking business itself. Later transfer of the credited sums to another account, or temporary idleness of the funds, did not change the original character of the remittance. The Tribunal erred by focusing on subsequent movement of the money instead of determining whether the remittance was made in the ordinary course of banking business. On that basis, remittances of this kind were not to be taxed as remittances of accumulated profits under section 4(1)(b)(iii) of the Income-tax Act, 1922. Case-Laws Income Tax Thu, 15 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7998