https://www.taxtmi.com/caselaws?id=276945 For a non-resident company using mercantile accounts, the Court distinguished accrual from receipt of income and held that book entries alone did not prove receipt outside British India. On the facts, amounts realised by brokers from merchants were sale proceeds received on the assessee's behalf, not mere debts, and the payments tied to delivery of railway receipts were directly referable to the price of goods. The receipts were therefore received in British India and included the profits of the business, with the exact profit quantum left for departmental computation. en-us Wed, 14 Sep 1949 00:00:00 +0530 Tue, 20 Nov 2018 16:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276945 For a non-resident company using mercantile accounts, the Court distinguished accrual from receipt of income and held that book entries alone did not prove receipt outside British India. On the facts, amounts realised by brokers from merchants were sale proceeds received on the assessee's behalf, not mere debts, and the payments tied to delivery of railway receipts were directly referable to the price of goods. The receipts were therefore received in British India and included the profits of the business, with the exact profit quantum left for departmental computation. Case-Laws Income Tax Wed, 14 Sep 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276945