https://www.taxtmi.com/caselaws?id=292450 The High Court of Calcutta ruled in a case concerning the assessment of income for the year 1935, specifically addressing a claimed bad debt deduction related to a business dealing in shares. The Court held that the debt in question, arising from a partition and arbitration award, was not a business debt but a capital asset acquired during the partition. Consequently, the deduction was disallowed, supporting the Income-tax Officer's decision. The judgment favored the Crown, upholding the disallowance of the bad debt deduction. Lort Williams, J., concurred with the decision, and costs were awarded to the Crown. en-us Thu, 06 May 1937 00:00:00 +0530 Thu, 24 Dec 2020 18:05:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292450 The High Court of Calcutta ruled in a case concerning the assessment of income for the year 1935, specifically addressing a claimed bad debt deduction related to a business dealing in shares. The Court held that the debt in question, arising from a partition and arbitration award, was not a business debt but a capital asset acquired during the partition. Consequently, the deduction was disallowed, supporting the Income-tax Officer's decision. The judgment favored the Crown, upholding the disallowance of the bad debt deduction. Lort Williams, J., concurred with the decision, and costs were awarded to the Crown. Case-Laws Income Tax Thu, 06 May 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292450