https://www.taxtmi.com/caselaws?id=275894 The court affirmed the tax liability on remittance of foreign profits to British India, rejecting the petitioner's argument based on book entries that the remitted amount did not come from a taxed fund. The court distinguished previous cases and emphasized the conclusive nature of the book entries in rebutting the presumption of payments from taxed funds. Relying on legal precedents, the court upheld the Income-tax authorities' assessment, highlighting the significance of book entries in determining the source of remittances and refuting presumptions related to tax liability. en-us Tue, 30 Aug 1932 00:00:00 +0530 Mon, 22 Oct 2018 12:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275894 The court affirmed the tax liability on remittance of foreign profits to British India, rejecting the petitioner's argument based on book entries that the remitted amount did not come from a taxed fund. The court distinguished previous cases and emphasized the conclusive nature of the book entries in rebutting the presumption of payments from taxed funds. Relying on legal precedents, the court upheld the Income-tax authorities' assessment, highlighting the significance of book entries in determining the source of remittances and refuting presumptions related to tax liability. Case-Laws Income Tax Tue, 30 Aug 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275894