https://www.taxtmi.com/caselaws?id=292406 A loss arising from a transaction wholly outside the assessee's business could not be deducted as a business loss or bad debt merely because it was written off in the business accounts. The lease arrangement for a building in Mogul Street was not part of the assessee's money-lending business, and the recovery of rent from sub-lessees did not convert it into a business operation. The claimed amounts were therefore treated as capital in nature and not allowable in computing business profits, with the disallowance upheld. en-us Mon, 19 Oct 1942 00:00:00 +0630 Tue, 22 Dec 2020 12:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292406 A loss arising from a transaction wholly outside the assessee's business could not be deducted as a business loss or bad debt merely because it was written off in the business accounts. The lease arrangement for a building in Mogul Street was not part of the assessee's money-lending business, and the recovery of rent from sub-lessees did not convert it into a business operation. The claimed amounts were therefore treated as capital in nature and not allowable in computing business profits, with the disallowance upheld. Case-Laws Income Tax Mon, 19 Oct 1942 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=292406