https://www.taxtmi.com/caselaws?id=290186 A debt is deductible only if it is properly referable to the relevant business and, for money-lending claims, arises from a loan made in the ordinary course of that business; an amount tied to a closed trading venture or to misappropriated collections cannot be recast as a bad debt deduction. On the jute mill claim, the prior treatment of the transaction and the pleadings showed it was not an allowable trading loss or money-lending debt. On the promissory-note claim, the amount arose from embezzled zamindari collections, not an ordinary money-lending advance, so deduction was unavailable. Interest on arrears of rent from agricultural land was treated as agricultural income and exempt. en-us Fri, 10 Jan 1947 00:00:00 +0530 Sat, 12 Sep 2020 11:35:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290186 A debt is deductible only if it is properly referable to the relevant business and, for money-lending claims, arises from a loan made in the ordinary course of that business; an amount tied to a closed trading venture or to misappropriated collections cannot be recast as a bad debt deduction. On the jute mill claim, the prior treatment of the transaction and the pleadings showed it was not an allowable trading loss or money-lending debt. On the promissory-note claim, the amount arose from embezzled zamindari collections, not an ordinary money-lending advance, so deduction was unavailable. Interest on arrears of rent from agricultural land was treated as agricultural income and exempt. Case-Laws Income Tax Fri, 10 Jan 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290186