https://www.taxtmi.com/article/detailed?id=1504 Where an assessee engaged in advancing loans/ICDs had earlier assessed interest from those ICDs as business income, an irrecoverable write off of those ICDs is properly deductible as an allowable business loss under commercial and accounting principles; any future recovery of the written off amount should be taxed as business income on receipt. en-us Wed, 09 Nov 2011 07:54:42 +0530 Wed, 09 Nov 2011 07:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1504 Where an assessee engaged in advancing loans/ICDs had earlier assessed interest from those ICDs as business income, an irrecoverable write off of those ICDs is properly deductible as an allowable business loss under commercial and accounting principles; any future recovery of the written off amount should be taxed as business income on receipt. Articles Income Tax Wed, 09 Nov 2011 07:54:42 +0530 https://www.taxtmi.com/article/detailed?id=1504