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1961 (11) TMI 82 - HC - Income TaxExtract: ....... a partner. There was continuity in regard to the assets and liabilities of the old firm. The assessee would, therefore, be entitled to write off such of the debts as had become bad and irrecoverable during the year of account. We answer the question referred to us in the affirmative and in favour of the assessee, who will be entitled to his costs.
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