ADDITIONAL COMMISSIONER OF INCOME TAX Vs. GANESH DAS

JUDGEMENT

(1.) THE assessee is a registered firm. It carries on business in petroleum products, automobile repairs and fabrication, etc. THE assessment year in question is 1961-62, for which the relevant accounting period was calendar year 1960.

(2.) TWO questions have been referred for our opinion. One is whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the sum of Rs. 57,122 was a bad debt allowable under Section 36(1)(vii) of the Income-tax Act, 1961.

(3.) THE assessee claimed the entire amount of Rs. 60,268 as an allowable deduction.