https://www.taxtmi.com/caselaws?id=67750 Write-off of a debt was treated as allowable where the assessee had regular dealings, curtailed further advances on doubts over creditworthiness, recovered part of the balance, and made local enquiries and a legal notice before writing off the residue. Cess collected from customers and kept in a separate amanat account was not regarded as the assessee's trading receipt, because the levy was disputed and the sums were held subject to the dispute outcome. Payments made as damages for breach of oil and khal contracts were treated as business losses, not speculative losses, since section 43(5) applies to contracts settled otherwise than by delivery, not to liabilities arising after breach. en-us Sat, 05 Jul 1980 00:00:00 +0530 Mon, 14 Mar 2011 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67750 Write-off of a debt was treated as allowable where the assessee had regular dealings, curtailed further advances on doubts over creditworthiness, recovered part of the balance, and made local enquiries and a legal notice before writing off the residue. Cess collected from customers and kept in a separate amanat account was not regarded as the assessee's trading receipt, because the levy was disputed and the sums were held subject to the dispute outcome. Payments made as damages for breach of oil and khal contracts were treated as business losses, not speculative losses, since section 43(5) applies to contracts settled otherwise than by delivery, not to liabilities arising after breach. Case-Laws Income Tax Sat, 05 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67750