https://www.taxtmi.com/caselaws?id=9274 A partnership-related advance was held not deductible as a bad debt or business loss because it was not a trading debt arising from the assessee's money-lending business, was not shown to be irrecoverable in the relevant year, and was only settled voluntarily for a lesser amount. The accrued share of profits credited before the partner's death was also held taxable, as income accrues when it is ascertained and credited, and later relinquishment does not change its tax character or create a deductible loss. The reference was answered against the assessee on both issues. en-us Thu, 04 Mar 1971 00:00:00 +0530 Sun, 21 Jun 2009 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9274 A partnership-related advance was held not deductible as a bad debt or business loss because it was not a trading debt arising from the assessee's money-lending business, was not shown to be irrecoverable in the relevant year, and was only settled voluntarily for a lesser amount. The accrued share of profits credited before the partner's death was also held taxable, as income accrues when it is ascertained and credited, and later relinquishment does not change its tax character or create a deductible loss. The reference was answered against the assessee on both issues. Case-Laws Income Tax Thu, 04 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9274