https://www.taxtmi.com/caselaws?id=277253 The Court determined that the remittance from British India to Burma by a Hindu undivided family, totaling Rs. 1,09,723, was a repayment of capital rather than profits. It was found that the remitted amount did not cover the full value of timber exported, indicating it was working capital to reimburse production costs. The Justices concurred that the remittances were not profits but working capital, emphasizing the importance of distinguishing between profit remittances and capital repayments in cross-border business transactions. The case highlighted the necessity of clear evidence to ascertain the nature of remittances in relation to business earnings. en-us Thu, 21 Aug 1941 00:00:00 +0530 Thu, 29 Nov 2018 18:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277253 The Court determined that the remittance from British India to Burma by a Hindu undivided family, totaling Rs. 1,09,723, was a repayment of capital rather than profits. It was found that the remitted amount did not cover the full value of timber exported, indicating it was working capital to reimburse production costs. The Justices concurred that the remittances were not profits but working capital, emphasizing the importance of distinguishing between profit remittances and capital repayments in cross-border business transactions. The case highlighted the necessity of clear evidence to ascertain the nature of remittances in relation to business earnings. Case-Laws Income Tax Thu, 21 Aug 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277253