https://www.taxtmi.com/caselaws?id=291584 Whether an assignment in British India of a British Indian decree and jewels in satisfaction of a foreign business debt constitutes receipt in British India was resolved by applying the principle that assets received in kind which are realisable or represent moneys worth amount to remittance or receipt. The court held that acceptance of jewels and an assignable, enforceable decree reduced the foreign business assets and increased British India assets; because both were convertible into money, the assignment operated as a transfer of moneys or moneys worth into British India and was taxable accordingly. en-us Tue, 07 Apr 1936 00:00:00 +0530 Wed, 18 Nov 2020 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291584 Whether an assignment in British India of a British Indian decree and jewels in satisfaction of a foreign business debt constitutes receipt in British India was resolved by applying the principle that assets received in kind which are realisable or represent moneys worth amount to remittance or receipt. The court held that acceptance of jewels and an assignable, enforceable decree reduced the foreign business assets and increased British India assets; because both were convertible into money, the assignment operated as a transfer of moneys or moneys worth into British India and was taxable accordingly. Case-Laws Income Tax Tue, 07 Apr 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291584