Allowances in assessing business income-Bad and doubtful debts -Bad debts of banks.

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..... ugust, 1949, I am directed to state that the questions whether a debt is a bad debt and when it became bad, are mainly questions of fact to be determined in case of dispute not by the assessee or by the exercise of any option on his part of declaring it bad but by the I.T.O. (subject to appeal) upon a consideration of all relevant circumstances. When all the facts on which a public bank reached th .....

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