https://www.taxtmi.com/caselaws?id=177699 A trading loss is deductible in the year in which recovery is no longer commercially reasonable, not merely when the original payment is made. The assessee's amount paid on behalf of a joint debtor became allowable only when efforts to recover it from the other parties had failed, and a book entry treating it as recoverable did not change its character. The principal sum was therefore deductible as a trading loss, while the related interest and litigation expenses were not allowed. en-us Mon, 21 Feb 1966 00:00:00 +0530 Fri, 15 Jan 2016 12:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177699 A trading loss is deductible in the year in which recovery is no longer commercially reasonable, not merely when the original payment is made. The assessee's amount paid on behalf of a joint debtor became allowable only when efforts to recover it from the other parties had failed, and a book entry treating it as recoverable did not change its character. The principal sum was therefore deductible as a trading loss, while the related interest and litigation expenses were not allowed. Case-Laws Income Tax Mon, 21 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177699