https://www.taxtmi.com/caselaws?id=290628 Foreign income converted abroad into machinery and stores before entry into British India was not treated as income received in or brought into British India under the deeming provision. The decisive question was whether what entered India retained the character of income; once the money had been transformed into a capital asset, the asset brought in was capital, not income. The fact that the asset was purchased out of foreign income was immaterial where only the capital asset, and not income, entered British India. The amount was therefore not taxable as income brought into British India. en-us Mon, 27 Sep 1937 00:00:00 +0530 Wed, 07 Oct 2020 16:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290628 Foreign income converted abroad into machinery and stores before entry into British India was not treated as income received in or brought into British India under the deeming provision. The decisive question was whether what entered India retained the character of income; once the money had been transformed into a capital asset, the asset brought in was capital, not income. The fact that the asset was purchased out of foreign income was immaterial where only the capital asset, and not income, entered British India. The amount was therefore not taxable as income brought into British India. Case-Laws Income Tax Mon, 27 Sep 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290628