https://www.taxtmi.com/caselaws?id=181229 An alleged admission by counsel before the Tribunal did not bind the assessee because it was denied on affidavit, appeared to have been misunderstood, and was not shown to have caused prejudice or created an estoppel. The advances were found to be genuine loans made in the ordinary course of the assessee's money-lending business, supported by repeated transactions, book entries and contemporaneous documents. On bad debt treatment, the debt was held to have become irrecoverable in the relevant accounting year on the evidence, including the assessee's financial assessment and legal advice. The written-off amount was therefore deductible as a bad debt. en-us Fri, 12 Nov 1965 00:00:00 +0530 Mon, 11 Apr 2016 14:29:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181229 An alleged admission by counsel before the Tribunal did not bind the assessee because it was denied on affidavit, appeared to have been misunderstood, and was not shown to have caused prejudice or created an estoppel. The advances were found to be genuine loans made in the ordinary course of the assessee's money-lending business, supported by repeated transactions, book entries and contemporaneous documents. On bad debt treatment, the debt was held to have become irrecoverable in the relevant accounting year on the evidence, including the assessee's financial assessment and legal advice. The written-off amount was therefore deductible as a bad debt. Case-Laws Income Tax Fri, 12 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181229