https://www.taxtmi.com/caselaws?id=291386 A bad debt deduction under section 10(2)(xi) required the debt to be actually written off in the books of account; mere proof that it had become irrecoverable was insufficient, and the absence of a book entry defeated the claim. Losses from a secretary's defalcations could qualify as business loss under section 10(2)(xv) only if they arose as a trading loss from the necessities of the business, and the relevant time was when the loss was actually caused, not when it was discovered. The matter was remitted for a supplementary statement of facts and reconsideration under these principles, with no final allowance or disallowance made. en-us Wed, 19 Mar 1958 00:00:00 +0530 Mon, 09 Nov 2020 10:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291386 A bad debt deduction under section 10(2)(xi) required the debt to be actually written off in the books of account; mere proof that it had become irrecoverable was insufficient, and the absence of a book entry defeated the claim. Losses from a secretary's defalcations could qualify as business loss under section 10(2)(xv) only if they arose as a trading loss from the necessities of the business, and the relevant time was when the loss was actually caused, not when it was discovered. The matter was remitted for a supplementary statement of facts and reconsideration under these principles, with no final allowance or disallowance made. Case-Laws Income Tax Wed, 19 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291386