https://www.taxtmi.com/caselaws?id=272921 The court interpreted income tax laws regarding the assessment of profits from a foreign business, focusing on taxable profits determined by remittances between branches. The burden of proof rested on the taxpayer to show remittances were not profits but capital. The court concluded that remittances did not necessarily represent profits and rejected the argument that only the difference between remittances should be considered as profits. Income-tax authorities were justified in treating remittances as assessable profits. The court answered questions affirmatively and negatively, with no costs awarded as one reference succeeded and the other failed. 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 The court interpreted income tax laws regarding the assessment of profits from a foreign business, focusing on taxable profits determined by remittances between branches. The burden of proof rested on the taxpayer to show remittances were not profits but capital. The court concluded that remittances did not necessarily represent profits and rejected the argument that only the difference between remittances should be considered as profits. Income-tax authorities were justified in treating remittances as assessable profits. The court answered questions affirmatively and negatively, with no costs awarded as one reference succeeded and the other failed. Case-Laws Income Tax Fri, 09 Apr 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272921