https://www.taxtmi.com/caselaws?id=293360 A remittance received in Madras from an overseas business was held not to be taxable as profits earned or accrued abroad during the relevant period. Although an inward remittance from a foreign business may raise a rebuttable presumption that it represents profits, that presumption was displaced here because the profits had not been ascertained after the end of 1931, the July 1933 transfer was traced to the assessee's personal account, and the credited sums were shown to have been received before 1 April 1933. Salary standing in the account also could not be treated as taxable business profits, as it was outside the scope of the proviso to section 4(2). en-us Tue, 01 Nov 1938 00:00:00 +0530 Sat, 06 Feb 2021 12:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293360 A remittance received in Madras from an overseas business was held not to be taxable as profits earned or accrued abroad during the relevant period. Although an inward remittance from a foreign business may raise a rebuttable presumption that it represents profits, that presumption was displaced here because the profits had not been ascertained after the end of 1931, the July 1933 transfer was traced to the assessee's personal account, and the credited sums were shown to have been received before 1 April 1933. Salary standing in the account also could not be treated as taxable business profits, as it was outside the scope of the proviso to section 4(2). Case-Laws Income Tax Tue, 01 Nov 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293360