https://www.taxtmi.com/caselaws?id=290026 Foreign profits remitted and invested in Mysore Government Bonds as a permanent investment were treated as capital, not as a remittance of profits under section 4(2) of the Indian Income Tax Act, 1922. Because the bonds were not brought into British India for sale, realization, or as an ordinary mode of remitting income, their later deposit as security for an overdraft did not change their character. The result was that the bonds were held to represent a conversion of profit into capital, and the question was answered in the negative in favour of the assessee. en-us Tue, 06 Feb 1940 00:00:00 +0530 Sat, 05 Sep 2020 10:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290026 Foreign profits remitted and invested in Mysore Government Bonds as a permanent investment were treated as capital, not as a remittance of profits under section 4(2) of the Indian Income Tax Act, 1922. Because the bonds were not brought into British India for sale, realization, or as an ordinary mode of remitting income, their later deposit as security for an overdraft did not change their character. The result was that the bonds were held to represent a conversion of profit into capital, and the question was answered in the negative in favour of the assessee. Case-Laws Income Tax Tue, 06 Feb 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290026