https://www.taxtmi.com/caselaws?id=276159 A separation by one member from a Hindu undivided family business did not amount to discontinuance of the business under the Income-tax Act, 1922; the remaining members continued the same business, so the family remained liable for assessment. A debt maintained on the mercantile system and consistently treated in earlier years as a subsisting business asset could not later be denied as a bad-debt deduction on an inconsistent change of treatment; the deduction was allowable in the assessment year. The reference was thus answered partly against the assessee on the assessment basis issue and partly in the assessee's favour on the deduction issue. en-us Mon, 31 Jan 1938 00:00:00 +0530 Thu, 01 Nov 2018 11:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276159 A separation by one member from a Hindu undivided family business did not amount to discontinuance of the business under the Income-tax Act, 1922; the remaining members continued the same business, so the family remained liable for assessment. A debt maintained on the mercantile system and consistently treated in earlier years as a subsisting business asset could not later be denied as a bad-debt deduction on an inconsistent change of treatment; the deduction was allowable in the assessment year. The reference was thus answered partly against the assessee on the assessment basis issue and partly in the assessee's favour on the deduction issue. Case-Laws Income Tax Mon, 31 Jan 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276159