https://www.taxtmi.com/caselaws?id=292421 Where a business is purchased and continued as a going concern without interruption, in the same name, premises and customer base, its identity remains intact notwithstanding the change in ownership. The predecessor's trading debts may therefore become the successor's business debts, and if they later become irrecoverable they satisfy the statutory condition of being debts due to the assessee in respect of its business. On that reasoning, the debts were deductible as bad debts, and the claim was allowed. en-us Fri, 04 Feb 1966 00:00:00 +0530 Wed, 23 Dec 2020 10:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292421 Where a business is purchased and continued as a going concern without interruption, in the same name, premises and customer base, its identity remains intact notwithstanding the change in ownership. The predecessor's trading debts may therefore become the successor's business debts, and if they later become irrecoverable they satisfy the statutory condition of being debts due to the assessee in respect of its business. On that reasoning, the debts were deductible as bad debts, and the claim was allowed. Case-Laws Income Tax Fri, 04 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292421