https://www.taxtmi.com/caselaws?id=5009 The Supreme Court allowed the appeal, overturning the High Court's decision and ruling in favor of the appellant. The Court determined that the loss claimed as a bad debt was a revenue loss, not a capital loss, and therefore deductible under the Income-tax Act. The appellant was successful in establishing that the transaction constituted a money-lending activity within the course of business, meeting the criteria for a bad debt deduction under section 10(2)(xi). en-us Tue, 21 Mar 1967 00:00:00 +0530 Tue, 18 Nov 2008 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5009 The Supreme Court allowed the appeal, overturning the High Court's decision and ruling in favor of the appellant. The Court determined that the loss claimed as a bad debt was a revenue loss, not a capital loss, and therefore deductible under the Income-tax Act. The appellant was successful in establishing that the transaction constituted a money-lending activity within the course of business, meeting the criteria for a bad debt deduction under section 10(2)(xi). Case-Laws Income Tax Tue, 21 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5009