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1971 (3) TMI 49 - HC - Income TaxPartner allowed profits to be accumulated in capital account. On the dissolution of the firm the legal representatives agreed to receive lesser amount in settlement of the credit balance in his capital account, whether the difference is allowable as bad and irrecoverable debt - Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim the sum of Rs. 38,394 as allowable under section 10 of the Income-tax Act ? Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim Rs. 6,589 from April 1, 1959, to July 14, 1959, pertaining to the accrued profit allocatable to the deceased partner till his death is allowable as a deduction ? " - our answer to both the questions is in the negative and against the assessee
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