Tribunal Rules Chit Funds Not Money Lending Business; Unpaid Prize Chits Recognized as Bad Debts for Tax Purposes.

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....Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the assessee and the subscribers to the chit to warrant the treatment of default in payment by them as bad debt? - Claim of bad debts allowed.....