https://www.taxtmi.com/caselaws?id=180005 Advances made as part of a business's regular profit-making operations, with interest and commission treated as business income, were held deductible as bad debts when written off as irrecoverable in the relevant previous year. The absence of an express clause in the partnership deed authorising the advances did not prevent them from forming part of the firm's business, because a partnership is not confined by its constitutive document in the same way as a company. The record also supported that the debts became irrecoverable only in the year claimed, so deduction under section 10(2)(ix) of the Income-tax Act, 1922 was allowed. en-us Wed, 04 Oct 1961 00:00:00 +0530 Tue, 15 Mar 2016 10:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180005 Advances made as part of a business's regular profit-making operations, with interest and commission treated as business income, were held deductible as bad debts when written off as irrecoverable in the relevant previous year. The absence of an express clause in the partnership deed authorising the advances did not prevent them from forming part of the firm's business, because a partnership is not confined by its constitutive document in the same way as a company. The record also supported that the debts became irrecoverable only in the year claimed, so deduction under section 10(2)(ix) of the Income-tax Act, 1922 was allowed. Case-Laws Income Tax Wed, 04 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180005