1933 (7) TMI 11

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....T PAGE, C.J.- In this case the K.A.R.K. Chettyar Firm, carrying on business as money-lenders in Pyu in the Toungoo District, was assessed for the year 1931-32 upon the profits and gains of the firm in the accounting year 1930-31. By a partnership agreement executed, on 16th July, 1930, the firm was newly constituted, an additional partner being taken into the firm which previously had consis....

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....rdinary course of business. This property was let out on lease, and taxable profits in the form of rent accrued therefrom to the assessees. The assessees now claim to be entitled to deduct from the trading profits in the accounting year a sum of Rs. 34,561 as being a trading loss. This sum of Rs. 34,561 represents the estimated loss of the capital value of the immovable property under the valuatio....

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....uring the accounting year, but for the purpose of obtaining a revaluation of the assets of the business having regard to the impending change in the constitution of the firm. Further, no evidence was adduced in respect of the immovable property which is alleged to have decreased in value to the extend of Rs. 34,561 that there was any realized loss of profit during the accounting year or afterwards....