https://www.taxtmi.com/caselaws?id=292475 Section 26(2) was construed to require assessment of a successor in a foreign business as if he had carried on the business throughout the previous year and received the full profits, so the provision governed both computation and liability for assessment. On the taxability issue, the repayment was treated as received in British India, but only the interest component formed taxable income; the principal sum was a return of capital and remained outside the charge to tax. en-us Mon, 14 Nov 1938 00:00:00 +0530 Fri, 25 Dec 2020 10:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292475 Section 26(2) was construed to require assessment of a successor in a foreign business as if he had carried on the business throughout the previous year and received the full profits, so the provision governed both computation and liability for assessment. On the taxability issue, the repayment was treated as received in British India, but only the interest component formed taxable income; the principal sum was a return of capital and remained outside the charge to tax. Case-Laws Income Tax Mon, 14 Nov 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292475