https://www.taxtmi.com/caselaws?id=190191 A pending income-tax reference continues before the court that was validly seised of it unless the reorganisation statute expressly transfers or extinguishes that jurisdiction; on that basis, the jurisdictional objection was rejected. A bad-debt deduction is available only when the debt is shown to have become irrecoverable in the relevant year, and the finding that it had so become was supported by material on record. Legal expenses are deductible on mercantile principles when the liability has actually accrued and is finally ascertained; where solicitors' fees were settled only in the assessment year, the expenditure was allowable in that year as an accrued business liability. en-us Mon, 24 Sep 1962 00:00:00 +0530 Wed, 08 Feb 2017 17:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190191 A pending income-tax reference continues before the court that was validly seised of it unless the reorganisation statute expressly transfers or extinguishes that jurisdiction; on that basis, the jurisdictional objection was rejected. A bad-debt deduction is available only when the debt is shown to have become irrecoverable in the relevant year, and the finding that it had so become was supported by material on record. Legal expenses are deductible on mercantile principles when the liability has actually accrued and is finally ascertained; where solicitors' fees were settled only in the assessment year, the expenditure was allowable in that year as an accrued business liability. Case-Laws Income Tax Mon, 24 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190191