https://www.taxtmi.com/caselaws?id=27996 Trade debts due from four sick textile mills were treated as bad and irrecoverable once the mills had been taken over by the State and nationalised from 1 April 1974. As the Revenue did not dispute that the debts had become irrecoverable by that date, it was reasonable to regard them as bad by 31 March 1974, the end of the relevant previous year. On those facts, the Tribunal's view that the assessee was entitled to the deduction in assessment year 1974-75 was upheld. en-us Tue, 19 Jul 1983 00:00:00 +0530 Wed, 17 Feb 2010 12:51:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27996 Trade debts due from four sick textile mills were treated as bad and irrecoverable once the mills had been taken over by the State and nationalised from 1 April 1974. As the Revenue did not dispute that the debts had become irrecoverable by that date, it was reasonable to regard them as bad by 31 March 1974, the end of the relevant previous year. On those facts, the Tribunal's view that the assessee was entitled to the deduction in assessment year 1974-75 was upheld. Case-Laws Income Tax Tue, 19 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27996