https://www.taxtmi.com/caselaws?id=292420 Debts acquired on dissolution of a partnership and later entered in the assessee's money-lending business were treated as debts made in the ordinary course of that business. Because the revenue had also treated the loans as business assets and taxed the interest received on them, their origin in the earlier partnership did not prevent deduction. Once the debts were written off in the books and their irrecoverability was accepted, the sum was allowable as a bad debt deduction under Section 10(2)(xi) of the Income-tax Act, 1922. en-us Fri, 23 Nov 1945 00:00:00 +0530 Wed, 23 Dec 2020 10:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292420 Debts acquired on dissolution of a partnership and later entered in the assessee's money-lending business were treated as debts made in the ordinary course of that business. Because the revenue had also treated the loans as business assets and taxed the interest received on them, their origin in the earlier partnership did not prevent deduction. Once the debts were written off in the books and their irrecoverability was accepted, the sum was allowable as a bad debt deduction under Section 10(2)(xi) of the Income-tax Act, 1922. Case-Laws Income Tax Fri, 23 Nov 1945 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292420