The B.C.G.A. (Punjab) Ltd. vs Commissioner Of Income Tax

Authority: High Court Date: 1937-02-26 AY: 1935-36 Section: 5(1), 28(i), 36(vii), 71 Acts: Indian Income Tax Act 1922 Result: Revenue Citation: (1937) 5 ITR 279 (LAH) Justices: Monroe, Bhide & Din Mohammad, JJ. Appeal No: Civil Ref. No. 1 of 1937
Whether interest credited to Suspense account under mercantile system could be excluded from taxable income when not actually realized --- Held No; Whether losses from discontinued partnership business could be set off against current business income --- Held No; Whether debts becoming time-barred automatically qualify as bad debts for tax purposes --- Held No

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