https://www.taxtmi.com/caselaws?id=8054 Current-year business profits cannot be treated as remittable profits within the same accounting year because they are not yet ascertained or available for remittance until the year ends. On the facts found, drafts received in India were treated as remittances of business profits accruing outside the taxable territories during the relevant previous year, but they did not fall within section 4(1)(b)(ii) read with the second proviso of the Indian Income-tax Act, 1922 for assessment year 1958-59. The sum was therefore not chargeable to tax, and the reference was answered in the negative. en-us Fri, 17 Apr 1970 00:00:00 +0530 Fri, 27 Mar 2009 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8054 Current-year business profits cannot be treated as remittable profits within the same accounting year because they are not yet ascertained or available for remittance until the year ends. On the facts found, drafts received in India were treated as remittances of business profits accruing outside the taxable territories during the relevant previous year, but they did not fall within section 4(1)(b)(ii) read with the second proviso of the Indian Income-tax Act, 1922 for assessment year 1958-59. The sum was therefore not chargeable to tax, and the reference was answered in the negative. Case-Laws Income Tax Fri, 17 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8054