https://www.taxtmi.com/caselaws?id=49690 Where contracts for unascertained goods provide F.O.B. delivery, provisional invoicing, confirmed irrevocable letters of credit and delivery of documents against acceptance of drafts, property passes only on unconditional appropriation-here, on acceptance of the bill of exchange and delivery of documents in the foreign place. Accordingly, the sales were completed outside British India and the profits arose outside British India. Intermediary advances by the seller's domestic bankers against discounted bills were security arrangements, not receipt of the price; actual payments under confirmed letters of credit and final balances were received abroad, so the profits were received outside British India. en-us Mon, 01 Nov 1954 00:00:00 +0530 Tue, 09 Sep 2014 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49690 Where contracts for unascertained goods provide F.O.B. delivery, provisional invoicing, confirmed irrevocable letters of credit and delivery of documents against acceptance of drafts, property passes only on unconditional appropriation-here, on acceptance of the bill of exchange and delivery of documents in the foreign place. Accordingly, the sales were completed outside British India and the profits arose outside British India. Intermediary advances by the seller's domestic bankers against discounted bills were security arrangements, not receipt of the price; actual payments under confirmed letters of credit and final balances were received abroad, so the profits were received outside British India. Case-Laws Income Tax Mon, 01 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49690