https://www.taxtmi.com/caselaws?id=7622 An amount written off under a bona fide settlement was treated as a trading loss rather than a bad debt, because the assessee had irrevocably waived most of the debt and restricted recovery to a fixed balance. The loss was deductible only in the year it was incurred, so a loss arising on the 1957-58 waiver could not be claimed in assessment year 1959-60 merely because earlier assessments had proceeded on a different basis. The claim for deduction therefore failed for the year under appeal. en-us Mon, 21 Apr 1969 00:00:00 +0530 Thu, 05 Mar 2009 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7622 An amount written off under a bona fide settlement was treated as a trading loss rather than a bad debt, because the assessee had irrevocably waived most of the debt and restricted recovery to a fixed balance. The loss was deductible only in the year it was incurred, so a loss arising on the 1957-58 waiver could not be claimed in assessment year 1959-60 merely because earlier assessments had proceeded on a different basis. The claim for deduction therefore failed for the year under appeal. Case-Laws Income Tax Mon, 21 Apr 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7622