https://www.taxtmi.com/caselaws?id=273140 A debt can be treated as irrecoverable only when the record shows that no real hope of recovery remained at the relevant time, and that finding must rest on material evidence rather than conjecture. Here, the Tribunal's view that the debt had become irrecoverable long before the accounting year was unsupported, because insolvency, an earlier dividend payment, and later non-recovery did not by themselves establish loss of hope of recovery. Correspondence from the official receiver also showed that recovery prospects were still uncertain. The finding on timing of irrecoverability could not stand, and the reference was answered in the assessee's favour. en-us Thu, 08 Aug 1963 00:00:00 +0530 Fri, 08 Jun 2018 10:05:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273140 A debt can be treated as irrecoverable only when the record shows that no real hope of recovery remained at the relevant time, and that finding must rest on material evidence rather than conjecture. Here, the Tribunal's view that the debt had become irrecoverable long before the accounting year was unsupported, because insolvency, an earlier dividend payment, and later non-recovery did not by themselves establish loss of hope of recovery. Correspondence from the official receiver also showed that recovery prospects were still uncertain. The finding on timing of irrecoverability could not stand, and the reference was answered in the assessee's favour. Case-Laws Income Tax Thu, 08 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273140