https://www.taxtmi.com/caselaws?id=290026 The Court determined that the purchase of Mysore Government Bonds by the assessee, using profits made abroad, constituted a conversion of profit into capital. As a result, the bonds were categorized as capital, not income. The Court emphasized the distinction between income and capital, highlighting that investing profits in bonds without remittance does not amount to bringing in income. The decision was supported by legal principles and precedents, leading to a ruling in favor of the assessee, who was awarded costs and the return of the deposit. The additional judges concurred with the judgment, affirming that the bonds represented capital. 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 The Court determined that the purchase of Mysore Government Bonds by the assessee, using profits made abroad, constituted a conversion of profit into capital. As a result, the bonds were categorized as capital, not income. The Court emphasized the distinction between income and capital, highlighting that investing profits in bonds without remittance does not amount to bringing in income. The decision was supported by legal principles and precedents, leading to a ruling in favor of the assessee, who was awarded costs and the return of the deposit. The additional judges concurred with the judgment, affirming that the bonds represented capital. Case-Laws Income Tax Tue, 06 Feb 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290026