https://www.taxtmi.com/caselaws?id=29610 The High Court held in favor of the assessee, M/s. Abdul Razak & Company, allowing the bad debt claim as a trading loss under s. 28 of the I.T. Act, 1961. The court emphasized that the advances made in the course of commission agency business were part of the general business operations, thus deeming the loss incidental to business. The court rejected the contention that the advances were not in the ordinary course of money-lending business, stating that financial lending was integral to the commission agency business. The revenue's question was answered in favor of the assessee, with costs directed to be paid by the Commissioner. en-us Thu, 12 Feb 1981 00:00:00 +0530 Mon, 15 Mar 2010 11:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29610 The High Court held in favor of the assessee, M/s. Abdul Razak & Company, allowing the bad debt claim as a trading loss under s. 28 of the I.T. Act, 1961. The court emphasized that the advances made in the course of commission agency business were part of the general business operations, thus deeming the loss incidental to business. The court rejected the contention that the advances were not in the ordinary course of money-lending business, stating that financial lending was integral to the commission agency business. The revenue's question was answered in favor of the assessee, with costs directed to be paid by the Commissioner. Case-Laws Income Tax Thu, 12 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29610