https://www.taxtmi.com/caselaws?id=8042 A loss or debt is deductible only if it arises in the assessee's own business and is incidental to that trade. The Court applied the settled principle that a liability attributable to another person's business cannot be claimed as a business loss, and that a sum is allowable as a bad debt only when it arises out of and as an incident of the assessee's trade. On the facts, the written-off amount did not satisfy that test, so the deduction was disallowed and the issue was answered against the assessee. en-us Thu, 26 Feb 1970 00:00:00 +0530 Fri, 27 Mar 2009 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8042 A loss or debt is deductible only if it arises in the assessee's own business and is incidental to that trade. The Court applied the settled principle that a liability attributable to another person's business cannot be claimed as a business loss, and that a sum is allowable as a bad debt only when it arises out of and as an incident of the assessee's trade. On the facts, the written-off amount did not satisfy that test, so the deduction was disallowed and the issue was answered against the assessee. Case-Laws Income Tax Thu, 26 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8042