A.V. Thomas & Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1962-10-25 AY: 1952-53 Section: 37, 37(1), 36(1)(vii), 36(2) Acts: Indian Income Tax Act 1922 Result: Revenue Citation: (1963) 48 ITR 67 (SC) Justices: J.L. Kapur, M. Hidayatullah & J.C. Shah, JJ. Appeal No: Civil Appeal No. 214 of 1962
Whether an advance made for purchase of shares, which became irrecoverable, qualifies as a bad debt under Section 10(2)(xi) or as business expenditure under Section 10(2)(xv) of the Income Tax Act 1922 --- Held No.

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