https://www.taxtmi.com/caselaws?id=20961 The court upheld the Tribunal's decision, denying the deduction claimed by the assessee for loans given to a textile mill as bad debts. The court ruled that the loans were capital losses, not incidental to the business of supplying goods, and therefore not deductible under sections 28 or 36 of the Income-tax Act, 1961. The decision emphasized the need to evaluate deductions from a prudent businessman's viewpoint, aligning with established principles and prior court judgments. en-us Mon, 16 Nov 1992 00:00:00 +0530 Wed, 18 Nov 2009 12:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20961 The court upheld the Tribunal's decision, denying the deduction claimed by the assessee for loans given to a textile mill as bad debts. The court ruled that the loans were capital losses, not incidental to the business of supplying goods, and therefore not deductible under sections 28 or 36 of the Income-tax Act, 1961. The decision emphasized the need to evaluate deductions from a prudent businessman's viewpoint, aligning with established principles and prior court judgments. Case-Laws Income Tax Mon, 16 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20961