https://www.taxtmi.com/caselaws?id=26077 The court ruled in favor of the assessee, allowing the deduction of the amount advanced to the liquidator as a bad debt and deductible expenditure. The court held that the loss incurred was attributable to the assessee's money-lending business and not of a capital nature. Additionally, the deduction claimed in the assessment year 1970-71 was deemed allowable as the sale was confirmed by the court in June 1969, validating the deduction claim in the subsequent year. The court emphasized the distinction between the lease agreement and the advance to the liquidator, ultimately deciding in favor of the assessee and awarding costs. en-us Thu, 14 Nov 1985 00:00:00 +0530 Tue, 02 Feb 2010 16:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26077 The court ruled in favor of the assessee, allowing the deduction of the amount advanced to the liquidator as a bad debt and deductible expenditure. The court held that the loss incurred was attributable to the assessee's money-lending business and not of a capital nature. Additionally, the deduction claimed in the assessment year 1970-71 was deemed allowable as the sale was confirmed by the court in June 1969, validating the deduction claim in the subsequent year. The court emphasized the distinction between the lease agreement and the advance to the liquidator, ultimately deciding in favor of the assessee and awarding costs. Case-Laws Income Tax Thu, 14 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26077