https://www.taxtmi.com/caselaws?id=272921 Foreign-branch remittances are taxable as profits only when they can properly be identified as income brought into British India on a commercial accounting basis. For 1943-44, the remittance could not be dissected into periods or treated as profit before the year's results were ascertained, and in the absence of account books it was not regarded as taxable profit. For 1944-45, the assessee again withheld the books, so a presumption arose that the remittance represented profit rather than capital; with no rebuttal, the amount was treated as taxable income. The references were thus answered differently for the two years. en-us Fri, 09 Apr 1948 00:00:00 +0530 Thu, 24 May 2018 18:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272921 Foreign-branch remittances are taxable as profits only when they can properly be identified as income brought into British India on a commercial accounting basis. For 1943-44, the remittance could not be dissected into periods or treated as profit before the year's results were ascertained, and in the absence of account books it was not regarded as taxable profit. For 1944-45, the assessee again withheld the books, so a presumption arose that the remittance represented profit rather than capital; with no rebuttal, the amount was treated as taxable income. The references were thus answered differently for the two years. Case-Laws Income Tax Fri, 09 Apr 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272921