1964 (10) TMI 7 - SUPREME COURT

Whether on the facts and in the circumstances of the case the assessee is entitled to claim bad debts amounting to ₹ 38,35,654 or any lesser sum ?

Whether on the facts and in the circumstances of the case the assessee is entitled to claim two sums of ₹ 10,15,000and ₹ 98,892 as a business loss or as a deduction under section 10(2)(xv) of the Income-tax Act ?

Held that:- The appeal will therefore be partially allowed. The answer to the first question recorded by the High Court will be discharged, and it will be recorded that the bank is entitled to claim under section 10 (2)(xi) ₹ 15,00,000 as bad debts in the year of account ending June 30, 1947. On the second question, the answer will be in the negative. Appeal allowed in part