https://www.taxtmi.com/caselaws?id=26971 The High Court affirmed the decision to disallow the claim of bad debt for the assessment year 1960-61, amounting to Rs. 37,440. It was held that the debt had been effectively settled in 1953 when the mortgaged assets were transferred to the assessee, eliminating any debtor-creditor relationship. As a result, the debt could not be considered bad in 1960-61 for tax purposes. The court ruled in favor of the Department and against the assessee, emphasizing the lack of an existing debt that had become irrecoverable. en-us Fri, 30 Nov 1984 00:00:00 +0530 Tue, 09 Feb 2010 17:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26971 The High Court affirmed the decision to disallow the claim of bad debt for the assessment year 1960-61, amounting to Rs. 37,440. It was held that the debt had been effectively settled in 1953 when the mortgaged assets were transferred to the assessee, eliminating any debtor-creditor relationship. As a result, the debt could not be considered bad in 1960-61 for tax purposes. The court ruled in favor of the Department and against the assessee, emphasizing the lack of an existing debt that had become irrecoverable. Case-Laws Income Tax Fri, 30 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26971