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TMI Blog1936 (4) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... ter alia, owns a money-lending business in Penang which is outside British India. This business had dealings in current account with M. RM. VL., Penang, the proprietor of which was resident in British India. On the August 13, 1931, it was found on settlement of this account that there was a sum of 11,700 dollars owing to the assessee. In discharge of this amount M. RM. VL. executed a promissory no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counts at Karaikudi of the year of account towards the decree debt due by M.RM.VL. and corresponding debits were made against (1) jewel purchase account and (2) R.M.M.R.M., the judgment debtor in the decree assigned in favour of the assessee. No amount was collected by the assessee in respect of the assigned decree in the year of account in respect of the assigned decree in the year of account but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of the assigned decree and that the mere assignment of the decree within the meaning of Section 4(2) of the Act. The Assistant Commissioner dismissed the appeal. The Commissioner has now referred to us for our decision the following question : "Whether the assignment in British India of a British Indian decree is discharge of a debt of ₹ 15,962-12-0 due to the petitioners foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at no such moneys had been received, even then the assessee had by the transactions mentioned transferred into British India assets which he could, and in respect of the jewels in fact did, realise and he could have realised the assigned decree at any time. In our view, these transactions amount to remittance into British India of moneys or moneys worth. Several cases were cited to us by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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