https://www.taxtmi.com/caselaws?id=260705 Under the mercantile system, loss on unutilised stamp papers for proposed land transactions was not deductible in the year under appeal because the expenditure had neither arisen nor crystallised in that year; the bad-debt framework was held inapplicable, and the disallowance was sustained. However, where part of the related claim was said to have been received in a later year and taxed there, the matter was remitted for verification of books and assessment records so any duplicate taxation could be reduced to that limited extent. en-us Wed, 10 Jun 2015 00:00:00 +0530 Mon, 22 Jun 2015 06:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260705 Under the mercantile system, loss on unutilised stamp papers for proposed land transactions was not deductible in the year under appeal because the expenditure had neither arisen nor crystallised in that year; the bad-debt framework was held inapplicable, and the disallowance was sustained. However, where part of the related claim was said to have been received in a later year and taxed there, the matter was remitted for verification of books and assessment records so any duplicate taxation could be reduced to that limited extent. Case-Laws Income Tax Wed, 10 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260705