https://www.taxtmi.com/caselaws?id=8009 A successor carrying on a business as a going concern with its identity unbroken may deduct an irrecoverable trading debt taken over with the business, even if the debt arose before the change in ownership. The debt remained part of the trading assets, and there was no basis to treat it as a capital asset merely because the business changed hands. The deduction for the bad debt was therefore admissible under section 10(2)(xi) of the Indian Income-tax Act, 1922, in favour of the assessee. en-us Tue, 28 Apr 1970 00:00:00 +0530 Thu, 26 Mar 2009 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8009 A successor carrying on a business as a going concern with its identity unbroken may deduct an irrecoverable trading debt taken over with the business, even if the debt arose before the change in ownership. The debt remained part of the trading assets, and there was no basis to treat it as a capital asset merely because the business changed hands. The deduction for the bad debt was therefore admissible under section 10(2)(xi) of the Indian Income-tax Act, 1922, in favour of the assessee. Case-Laws Income Tax Tue, 28 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8009