https://www.taxtmi.com/caselaws?id=188809 Receipts from bonds, handnotes and promissory notes taken from tenants in lieu of agricultural rent were treated by the revenue as part of the assessee's money-lending activity in earlier years, including taxation of interest on that footing. Having consistently adopted that character, the revenue could not later deny that the same transactions formed part of the money-lending business when deduction was claimed for irrecoverable amounts. The court held that the investments were money-lending transactions and that the bad-debt claim fell within the relevant allowance provision, so the deduction was allowable. en-us Wed, 18 Dec 1946 00:00:00 +0530 Sat, 17 Dec 2016 11:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188809 Receipts from bonds, handnotes and promissory notes taken from tenants in lieu of agricultural rent were treated by the revenue as part of the assessee's money-lending activity in earlier years, including taxation of interest on that footing. Having consistently adopted that character, the revenue could not later deny that the same transactions formed part of the money-lending business when deduction was claimed for irrecoverable amounts. The court held that the investments were money-lending transactions and that the bad-debt claim fell within the relevant allowance provision, so the deduction was allowable. Case-Laws Income Tax Wed, 18 Dec 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188809