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1964 (10) TMI 20 - SC - Income TaxWhether the loss claimed in the present case was a trading loss which is deductible in computing the profits of the company? Held that:- Find no difficulty in holding that the said debt which had become irrecoverable was a trading loss deductible in computing the profit of the appellant-company in the assessment year. It was a loss incidental to the appellant's business and is certainly sanctioned by commercial practice and trading principles. We, therefore, hold that the High Court went wrong in holding that the said amount represented loss incurred by the appellant dehors its business. Appeal allowed.
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