High Court rules debts claimed as irrecoverable not deductible, impacting assessee's wealth.

The High Court of Madras ruled in favor of the Revenue, holding that a sum of Rs.21,505 should not be excluded from the wealth of the assessee as debts claimed as irrecoverable should not be treated as bad debts.

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The High Court of Madras ruled in favor of the Revenue and against the assessee regarding the exclusion of a sum of Rs.21,505 from the wealth of the assessee. The decision was based on a previous court ruling that debts claimed as irrecoverable should not be treated as bad debts.

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