https://www.taxtmi.com/caselaws?id=277380 Whether tax authorities may impute additional profits to British India by estimating hidden gains from export transactions: the article concludes they may not. The Commissioner's reliance on supervisory activity and alleged F.O.B. price inflation amounted to an unsupported estimation of profit, not an exercise of statutory best judgment, and cannot recharacterise profits that arise at the place of sale abroad. Profits from a simple buy-in-one-place sell-in-another transaction are to be determined by actual cost and actual foreign sale; such foreign sale profits are not taxable in British India unless received or brought into British India. The proposed Rs. 9,000 addition was rejected. en-us Tue, 24 Sep 1940 00:00:00 +0530 Mon, 03 Dec 2018 11:15:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277380 Whether tax authorities may impute additional profits to British India by estimating hidden gains from export transactions: the article concludes they may not. The Commissioner's reliance on supervisory activity and alleged F.O.B. price inflation amounted to an unsupported estimation of profit, not an exercise of statutory best judgment, and cannot recharacterise profits that arise at the place of sale abroad. Profits from a simple buy-in-one-place sell-in-another transaction are to be determined by actual cost and actual foreign sale; such foreign sale profits are not taxable in British India unless received or brought into British India. The proposed Rs. 9,000 addition was rejected. Case-Laws Income Tax Tue, 24 Sep 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277380