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2009 (10) TMI 33 - MADRAS HIGH COURTClaim of Bad debts - The AO as well as the CIA(A)) by making a reference to Section 36(2)(i) of the Act, took the view that since the assessee discontinued his money lending business subsequent to the relevant assessment year, the claim for deduction by way of bad debts was not permissible. The Tribunal, however, by interpreting Section 36(2)(i) of the Act, held that the assessee, having suffered a bad debt, as a matter of fact in the relevant assessment year relatable to the previous year, was entitled for the deduction – held that - , merely because the money lending business was subsequently discontinued, that is in the subsequent accounting year relating to the relevant assessment year, it cannot be held that the assessee was disentitled to claim such a deduction
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