1924 (5) TMI 4

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....ermine in which year a debt should be regarded as irrecoverable. The two learned Judges have differed in their opinion as to the answer to be given to the reference on the point. Mr. Justice Moti Sagar would leave it entirely to the assessee to determine the time when the debt became irrecoverable. In his opinion the Income-tax Officer is bound to accept the declaration made by the assessee and if....

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.... profits or gains under any other head in that year". The wording of the section makes it clear that it is to be established by evidence that the loss took place in the particular year for which the assessment was made. Again rule 37 relating to deductions on account of irrecoverable loans embodies the following direction:- Where an assessment is made of profits or income from a banking or ....