https://www.taxtmi.com/caselaws?id=277380 Profits from a simple business of purchasing goods in one place and selling them abroad accrue at the place of sale, calculated by reference to actual purchase cost and actual foreign sale proceeds. Supervisory activity over local agents, F.O.B. pricing assumptions, invoice values, or alleged internal price inflation do not by themselves establish additional profits accruing locally. Foreign sale profits are not assessable locally unless received or brought into the jurisdiction. An estimated enhancement for purported hidden local profit was therefore impermissible where unsupported by actual trading results or a best-judgment assessment. 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 Profits from a simple business of purchasing goods in one place and selling them abroad accrue at the place of sale, calculated by reference to actual purchase cost and actual foreign sale proceeds. Supervisory activity over local agents, F.O.B. pricing assumptions, invoice values, or alleged internal price inflation do not by themselves establish additional profits accruing locally. Foreign sale profits are not assessable locally unless received or brought into the jurisdiction. An estimated enhancement for purported hidden local profit was therefore impermissible where unsupported by actual trading results or a best-judgment assessment. Case-Laws Income Tax Tue, 24 Sep 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277380