https://www.taxtmi.com/caselaws?id=49643 Remittances of Rs.1,20,000 transmitted from Srinagar were held taxable as profits accumulated outside British India where the assessee admitted mixing profits with working funds and failed to rebut the presumption that the amounts remitted derived from prior profits; the finding of taxable accumulation was sustained. The Tribunal also validly exercised its discretion to refuse belated leave to raise a new ownership contention requiring additional evidence; late affidavits or bank certificates did not compel admission. Operatively, the taxability and refusal to admit new evidence were affirmed and the appeals dismissed. en-us Thu, 24 Apr 1958 00:00:00 +0530 Fri, 05 Sep 2014 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49643 Remittances of Rs.1,20,000 transmitted from Srinagar were held taxable as profits accumulated outside British India where the assessee admitted mixing profits with working funds and failed to rebut the presumption that the amounts remitted derived from prior profits; the finding of taxable accumulation was sustained. The Tribunal also validly exercised its discretion to refuse belated leave to raise a new ownership contention requiring additional evidence; late affidavits or bank certificates did not compel admission. Operatively, the taxability and refusal to admit new evidence were affirmed and the appeals dismissed. Case-Laws Income Tax Thu, 24 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49643