1940 (4) TMI 29

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....ecisions)<br>Dated:- 30-4-1940<br>Application No. 11 of 1939 - -<br>Income Tax<br>DERBYSHIRE, J. JUDGMENT DERBYSHIRE, J. I am of the opinion that the losses here claimed are losses of the old....

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.... of the new firm for earning purposes. Until then they are assets of doubtful value. In so far as smaller sums of nominal debts are realised, it seems to me that losses so sustained are losses of capi....