https://www.taxtmi.com/caselaws?id=170913 A bad debt deduction was not allowable because the assessee did not establish that the loan became irrecoverable in the relevant accounting year. The Court noted that the crucial statutory question was whether the debt had actually turned bad in that year, and it found evidence supporting the Tribunal's view that it had not. The debtor still had an unexploited film asset, the write-off occurred before insolvency proceedings, and the surrounding circumstances did not compel the conclusion that irrecoverability arose during the accounting period. The Tribunal's finding was therefore sustained and the deduction was disallowed. en-us Tue, 26 Feb 1957 00:00:00 +0530 Tue, 30 Jun 2015 11:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170913 A bad debt deduction was not allowable because the assessee did not establish that the loan became irrecoverable in the relevant accounting year. The Court noted that the crucial statutory question was whether the debt had actually turned bad in that year, and it found evidence supporting the Tribunal's view that it had not. The debtor still had an unexploited film asset, the write-off occurred before insolvency proceedings, and the surrounding circumstances did not compel the conclusion that irrecoverability arose during the accounting period. The Tribunal's finding was therefore sustained and the deduction was disallowed. Case-Laws Income Tax Tue, 26 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170913