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1973 (9) TMI 17 - HC - Income TaxCertain expenses were incurred prior to nationalisation. This was allocated between life and general business. The claim of expenses allocated to life business was rejected by Life Insurance Corporation, whether the amount can be set off as bad debts - " Whether Tribunal was right in law in holding that the sum of ₹ 76,306 was allowable as deduction in computing the profits and gains of the business for the year 1961 relevant to the assessment year 1962-63 ? " - Unless there was an admitted debt and it became irrecoverable, no question of writing it off as a bad debt would arise. - Reference answered in the negative
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