https://www.taxtmi.com/caselaws?id=121312 Bad debt written off by a banking institution was treated as allowable where the bank carried on ordinary banking and lending, and the earlier special-statute exemption applied only to income, profits and gains, not to the banking business itself. In that setting, the banking-specific limb of section 36(2) applied: the debt had to represent money lent in the ordinary course of banking business, and the earlier-year income test did not govern such banking debts. The claim remained subject to recomputation under the proviso to section 36(1)(vii) and the deduction already allowed under section 36(1)(viia). en-us Wed, 15 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 12:32:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121312 Bad debt written off by a banking institution was treated as allowable where the bank carried on ordinary banking and lending, and the earlier special-statute exemption applied only to income, profits and gains, not to the banking business itself. In that setting, the banking-specific limb of section 36(2) applied: the debt had to represent money lent in the ordinary course of banking business, and the earlier-year income test did not govern such banking debts. The claim remained subject to recomputation under the proviso to section 36(1)(vii) and the deduction already allowed under section 36(1)(viia). Case-Laws Income Tax Wed, 15 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121312