1960 (2) TMI 58

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..... ve 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 been seriously at issue at any stage betw .....

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..... 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 of the operation of the statute alone .....

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