https://www.taxtmi.com/caselaws?id=285698 An advance payment made in anticipation of dividend and bonus, closely linked to their later declaration and credited against a loan account, was treated as a remittance of income rather than a genuine loan; the amount was therefore taxable as received in the taxable territories. For trustees assessed under the corresponding representative liability provision, tax already paid by the beneficiaries on the same income under advance or provisional tax provisions had to be credited against the trustees' liability. The reference was answered partly against the assessees on remittance and partly in their favour on credit for tax already paid by beneficiaries. en-us Tue, 24 Sep 1957 00:00:00 +0530 Wed, 22 Jan 2020 17:22:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285698 An advance payment made in anticipation of dividend and bonus, closely linked to their later declaration and credited against a loan account, was treated as a remittance of income rather than a genuine loan; the amount was therefore taxable as received in the taxable territories. For trustees assessed under the corresponding representative liability provision, tax already paid by the beneficiaries on the same income under advance or provisional tax provisions had to be credited against the trustees' liability. The reference was answered partly against the assessees on remittance and partly in their favour on credit for tax already paid by beneficiaries. Case-Laws Income Tax Tue, 24 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285698