https://www.taxtmi.com/forum/issue?id=111672 Whether a proprietary firm that carries on both trading and money lending and prepares a single profit and loss account can debit a loan to a non related party as a bad debt where the loan has been in default for several years; advisers indicate that if lending is part of the business and both activities are shown in one P&L, a business bad debt may be debited to P&L, subject to statutory conditions and factual proof of irrecoverability. en-us Tue, 21 Mar 2017 13:50:26 +0530 Thu, 23 Jan 2025 15:55:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111672 Whether a proprietary firm that carries on both trading and money lending and prepares a single profit and loss account can debit a loan to a non related party as a bad debt where the loan has been in default for several years; advisers indicate that if lending is part of the business and both activities are shown in one P&L, a business bad debt may be debited to P&L, subject to statutory conditions and factual proof of irrecoverability. Discussion-Forum Income Tax Tue, 21 Mar 2017 13:50:26 +0530 https://www.taxtmi.com/forum/issue?id=111672