SIR KAMESHWAR SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) UNDER Section 66(1) of the Indian Income-tax Act the Appellate Tribunal have referred to us three questions for our decision :-

(2.) WHETHER, in the circumstances of the case, the irrecoverable debt covered by the promissory note passed by Shyam Lal Das can be considered a bad debt of the assessees money-lending business and, as such, allowable as an admissible deduction under Section 10(2)(xi), of the Act ?

(3.) THE bad debt is not proved.