https://www.taxtmi.com/caselaws?id=39808 Income remitted into taxable territories by a resident but not ordinarily resident was held taxable where it represented business profits accruing outside the taxable territories during the same accounting year. Section 4(1)(b)(ii) was read as taxing income accruing or arising outside the taxable territories in the year of account, while section 4(1)(b)(iii) covered earlier-year profits brought in during the year. The second proviso was treated as imposing conditions on taxability for such assessees, not as limiting remittance-based taxation only to past profits. The clauses were held supplementary rather than mutually exclusive, so current-year foreign profits brought into India remained chargeable. en-us Thu, 19 Apr 1973 00:00:00 +0530 Tue, 20 Apr 2010 13:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39808 Income remitted into taxable territories by a resident but not ordinarily resident was held taxable where it represented business profits accruing outside the taxable territories during the same accounting year. Section 4(1)(b)(ii) was read as taxing income accruing or arising outside the taxable territories in the year of account, while section 4(1)(b)(iii) covered earlier-year profits brought in during the year. The second proviso was treated as imposing conditions on taxability for such assessees, not as limiting remittance-based taxation only to past profits. The clauses were held supplementary rather than mutually exclusive, so current-year foreign profits brought into India remained chargeable. Case-Laws Income Tax Thu, 19 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39808