https://www.taxtmi.com/caselaws?id=293359 A remittance received from a foreign business is not conclusively presumed to be profit; any inference that it represents taxable income is only a rebuttable presumption of fact, dependent on the surrounding circumstances and the explanation offered by the assessee. Where the remittances on both sides were nearly equal, the Tribunal was entitled to decline to treat the amount as profit remitted to British India. On those facts, the matter remained one of fact and did not give rise to any referable question of law. The reference was answered against the Revenue and in favour of the assessee. en-us Wed, 27 Apr 1949 00:00:00 +0530 Sat, 06 Feb 2021 10:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293359 A remittance received from a foreign business is not conclusively presumed to be profit; any inference that it represents taxable income is only a rebuttable presumption of fact, dependent on the surrounding circumstances and the explanation offered by the assessee. Where the remittances on both sides were nearly equal, the Tribunal was entitled to decline to treat the amount as profit remitted to British India. On those facts, the matter remained one of fact and did not give rise to any referable question of law. The reference was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Wed, 27 Apr 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293359