https://www.taxtmi.com/caselaws?id=277317 A debt taken over on division of partnership assets and entered in the assessee's separate money-lending books was treated as a business asset eligible for bad-debt deduction when written off as irrecoverable. The absence of a fresh undertaking from the debtor did not prevent the debt from forming part of the money-lending business, and no novation was required on these facts. Genuineness of the entry, coupled with subsequent realisations and supporting material, established that the debt became bad during the accounting year. The allowance was therefore admissible in favour of the assessee. en-us Tue, 17 Aug 1948 00:00:00 +0530 Sat, 01 Dec 2018 12:00:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277317 A debt taken over on division of partnership assets and entered in the assessee's separate money-lending books was treated as a business asset eligible for bad-debt deduction when written off as irrecoverable. The absence of a fresh undertaking from the debtor did not prevent the debt from forming part of the money-lending business, and no novation was required on these facts. Genuineness of the entry, coupled with subsequent realisations and supporting material, established that the debt became bad during the accounting year. The allowance was therefore admissible in favour of the assessee. Case-Laws Income Tax Tue, 17 Aug 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277317