https://www.taxtmi.com/caselaws?id=277302 Foreign interest on securities accruing and remaining outside British India was not "received in British India" under section 4 of the Income-tax Act, 1922 merely because it was entered in the company's accounts, balance-sheet, directors' report, or used in dividend calculations. Actual receipt in India, or a statutory deeming provision bringing the income within Indian receipt, was required. As the interest was kept and reinvested abroad and no remittance or equivalent transmission to India was shown, it could not be assessed on a receipt basis. The reference was therefore answered in favour of the assessee and against the Revenue. en-us Wed, 23 Mar 1938 00:00:00 +0530 Fri, 30 Nov 2018 18:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277302 Foreign interest on securities accruing and remaining outside British India was not "received in British India" under section 4 of the Income-tax Act, 1922 merely because it was entered in the company's accounts, balance-sheet, directors' report, or used in dividend calculations. Actual receipt in India, or a statutory deeming provision bringing the income within Indian receipt, was required. As the interest was kept and reinvested abroad and no remittance or equivalent transmission to India was shown, it could not be assessed on a receipt basis. The reference was therefore answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Wed, 23 Mar 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277302