https://www.taxtmi.com/caselaws?id=276711 Income is not assessable under section 4(2) of the Income-tax Act, 1922 unless it is received in, or brought into, British India by or on behalf of the assessee; where a negotiable hundi is posted and the money is brought in by the recipient, that statutory nexus is not satisfied, so the amount is not taxable on that basis. On partition of joint family property by private auction, the assessee's bid price does not become the original cost for depreciation where the asset was already acquired by the coparcenary; absent fraud or bad faith, depreciation is computed by reference to the real cost to the joint family, and the notional partition bid cannot replace it. en-us Tue, 24 Jan 1939 00:00:00 +0530 Fri, 16 Nov 2018 11:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276711 Income is not assessable under section 4(2) of the Income-tax Act, 1922 unless it is received in, or brought into, British India by or on behalf of the assessee; where a negotiable hundi is posted and the money is brought in by the recipient, that statutory nexus is not satisfied, so the amount is not taxable on that basis. On partition of joint family property by private auction, the assessee's bid price does not become the original cost for depreciation where the asset was already acquired by the coparcenary; absent fraud or bad faith, depreciation is computed by reference to the real cost to the joint family, and the notional partition bid cannot replace it. Case-Laws Income Tax Tue, 24 Jan 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276711