1960 (2) TMI 58

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..... -We answer the question in the affirmative and in favour of the assessee. Under the terms of the contract between himself and the debtor, the assessee was entitled to the sum of ₹ 35,000, which was secured by a usufructuary mortgage; that was the principal of the debt advanced. That the debt was advanced in the course of the money-lending business of the assessee does not appear to have bee .....

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..... ld be remembered, was ₹ 35,000. Actually under this arrangement of 1949, the assessee got only ₹ 28,875. The balance of ₹ 6,125 the assessee wrote off as an irrecoverable bad debt, and claimed it as a deduction under section 10(2)(xi) in the course of the assessment proceedings for 1950-51. The genuineness of the transaction of 1949 was never in issue. It was not really a case o .....

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