https://www.taxtmi.com/caselaws?id=272538 Advances made under film exploitation agreements were treated as legally enforceable debts because the agreements imposed an obligation to repay from exploitation proceeds, but the question whether those debts became bad in a particular year was ordinarily one of fact. The High Court also held that a contention not raised before the Appellate Tribunal cannot be said to arise out of its order for reference under section 66. As the assessee's challenge that the advances were not debts had not been argued below, no referable question of law was made out under section 66(2). en-us Fri, 11 Sep 1959 00:00:00 +0530 Mon, 07 May 2018 16:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272538 Advances made under film exploitation agreements were treated as legally enforceable debts because the agreements imposed an obligation to repay from exploitation proceeds, but the question whether those debts became bad in a particular year was ordinarily one of fact. The High Court also held that a contention not raised before the Appellate Tribunal cannot be said to arise out of its order for reference under section 66. As the assessee's challenge that the advances were not debts had not been argued below, no referable question of law was made out under section 66(2). Case-Laws Income Tax Fri, 11 Sep 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272538