https://www.taxtmi.com/caselaws?id=292632 Cash remittances and timber brought into British India were not presumed to be the profits of the Kashmir business. The court treated the cash transfer as capital, and held that imported timber was stock in trade; mere importation and later sale in British India did not establish receipt of profits there. Account entries in Lahore books also did not by themselves prove that Kashmir profits were received in British India. Because the alleged inward excess rested on an erroneous audit assumption and no actual bringing-in of profits was shown, taxation on receipt failed. en-us Tue, 18 May 1937 00:00:00 +0530 Sat, 02 Jan 2021 10:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292632 Cash remittances and timber brought into British India were not presumed to be the profits of the Kashmir business. The court treated the cash transfer as capital, and held that imported timber was stock in trade; mere importation and later sale in British India did not establish receipt of profits there. Account entries in Lahore books also did not by themselves prove that Kashmir profits were received in British India. Because the alleged inward excess rested on an erroneous audit assumption and no actual bringing-in of profits was shown, taxation on receipt failed. Case-Laws Income Tax Tue, 18 May 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292632