https://www.taxtmi.com/caselaws?id=34802 A bad debt deduction under Section 36(2)(i) is allowable where the debt was taken into account in computing income or arose from money lent in the ordinary course of the assessee's money-lending business. Subsequent discontinuance of that business does not, by itself, defeat the deduction if the statutory conditions are otherwise met. The Revenue's relied-upon precedent was found inapplicable because it concerned a different statutory liability arising from transfer of business. The assessee was therefore entitled to the deduction and the disallowance was unsustainable. en-us Mon, 05 Oct 2009 00:00:00 +0530 Wed, 10 Mar 2010 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34802 A bad debt deduction under Section 36(2)(i) is allowable where the debt was taken into account in computing income or arose from money lent in the ordinary course of the assessee's money-lending business. Subsequent discontinuance of that business does not, by itself, defeat the deduction if the statutory conditions are otherwise met. The Revenue's relied-upon precedent was found inapplicable because it concerned a different statutory liability arising from transfer of business. The assessee was therefore entitled to the deduction and the disallowance was unsustainable. Case-Laws Income Tax Mon, 05 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34802