https://www.taxtmi.com/caselaws?id=39013 A loan advanced in the course of the assessee's business and later settled by transfer of shares gave rise, on the facts found, to a shortfall that was treated as a business loss because the advance was intimately connected with the business. The question whether the amount also qualified as a bad debt was unnecessary to decide once business loss treatment was accepted. The amount was therefore allowable as a business loss, with the result favouring the assessee. en-us Fri, 23 Apr 1976 00:00:00 +0530 Mon, 12 Apr 2010 10:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39013 A loan advanced in the course of the assessee's business and later settled by transfer of shares gave rise, on the facts found, to a shortfall that was treated as a business loss because the advance was intimately connected with the business. The question whether the amount also qualified as a bad debt was unnecessary to decide once business loss treatment was accepted. The amount was therefore allowable as a business loss, with the result favouring the assessee. Case-Laws Income Tax Fri, 23 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39013