1937 (5) TMI 9

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.... brokerage in shares, and other sources. In computing the income from business, the Income-tax Officer did not allow a debit of Rs. 1,13,535-3-0 which was written off by the assessee as a bad debt of one M. G. Marcar which has been standing in the accounts of the assessee for the relative accounting period for the year which was 1990-91 Dewali, corresponding to the year ending October, 1934. The a....

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....ter instituted a suit for partition which was Suit No. 402 of 1923. This suit ended in an arbitration on the 30th April 1924 and under the award of the arbitrators Doyaram was given a part of his share in the coparcenary assets and the debt due from M. G. Marcar which although nominally was Rs. 1,13,535-3-0, however was assessed for the purpose of the partition as being only of the value of Rs. 22....

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....ction on the ground that the amount due from Marcar was really in the nature of a captial asset which had come over to the assessee in the year ending in October 1924. The Commissioner of Income-tax in the opinion which he had put before us said it, that is to say, the amount of Marcars debt had nothing to do with the business which was being carried on by the assessee, and if he could not recover....

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.... Under the award Gajanand was allowed to use the trade name and it seems, with the name went also the goodwill of the old business. He was allowed to use the name of Bissendoyal Gajanand for the business he was to carry on. He was allowed to retain the membership of the Calcutta Stock Exchange Association Limited and he was in fact given the entire share in the Calcutta Stock Exchange Associati....