https://www.taxtmi.com/caselaws?id=60234 A bad debt deduction was denied because the assessee could not show that the advance had become irrecoverable in the relevant accounting year. The record indicated that the debtor company's financial position had not deteriorated to the point of impossible recovery, and the later claim before the Commissioner of Payments, together with continuing assertions of principal and interest recovery, showed that real prospects of recovery still existed. On that basis, the write-off was treated as premature and the disallowance was upheld. en-us Thu, 31 Oct 1991 00:00:00 +0530 Tue, 04 Jan 2011 13:24:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60234 A bad debt deduction was denied because the assessee could not show that the advance had become irrecoverable in the relevant accounting year. The record indicated that the debtor company's financial position had not deteriorated to the point of impossible recovery, and the later claim before the Commissioner of Payments, together with continuing assertions of principal and interest recovery, showed that real prospects of recovery still existed. On that basis, the write-off was treated as premature and the disallowance was upheld. Case-Laws Income Tax Thu, 31 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60234