https://www.taxtmi.com/caselaws?id=277329 Profits of an accounting year could not be presumed to have been brought into British India before the year closed, because income becomes taxable only when received or brought in and profits are not legally ascertained until the accounting year ends. Where a remittance is alleged to be out of capital rather than profits, the burden lies on the assessee to rebut the ordinary presumption arising from the facts. On the stated facts, the disputed sum of Rs. 12,405 was treated as not representing remitted profits of the foreign business, and the broader presumption that the remittance consisted of taxable profits was displaced by the factual explanation. en-us Thu, 23 Dec 1943 00:00:00 +0630 Sat, 01 Dec 2018 12:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277329 Profits of an accounting year could not be presumed to have been brought into British India before the year closed, because income becomes taxable only when received or brought in and profits are not legally ascertained until the accounting year ends. Where a remittance is alleged to be out of capital rather than profits, the burden lies on the assessee to rebut the ordinary presumption arising from the facts. On the stated facts, the disputed sum of Rs. 12,405 was treated as not representing remitted profits of the foreign business, and the broader presumption that the remittance consisted of taxable profits was displaced by the factual explanation. Case-Laws Income Tax Thu, 23 Dec 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=277329