https://www.taxtmi.com/caselaws?id=7959 Amounts earlier brought to tax could not be deducted later merely because they remained unrealised; a deduction was available only if the claim fell within the specific statutory allowance for bad debts or another recognised business deduction, and the advances were not shown to arise from any money-lending or business activity. Likewise, unrealised dividend could not be deducted under the dividend-income provision because that allowance was confined to expenditure actually incurred wholly and exclusively to earn the dividend. On both issues, the deduction claims were rejected and the reference was answered in favour of the Revenue. en-us Wed, 04 Dec 1968 00:00:00 +0530 Thu, 26 Mar 2009 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7959 Amounts earlier brought to tax could not be deducted later merely because they remained unrealised; a deduction was available only if the claim fell within the specific statutory allowance for bad debts or another recognised business deduction, and the advances were not shown to arise from any money-lending or business activity. Likewise, unrealised dividend could not be deducted under the dividend-income provision because that allowance was confined to expenditure actually incurred wholly and exclusively to earn the dividend. On both issues, the deduction claims were rejected and the reference was answered in favour of the Revenue. Case-Laws Income Tax Wed, 04 Dec 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7959