| 20/5/2012 |
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| Board of Special Commissioners - Cases |
| Case no. 29/53 |
Decided: 9 March, 1954 |
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Deduction in respect of bad debts not allowed as appellant was not a money-lender - article 10(1)(e), now 14(1)(d), Income Tax Act
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The Commissioner had not allowed a deduction in respect of bad debts because (a) appellant was not a money-lender and, therefore the debts were not part of his business activity; (b) most of the bad debts claimed referred to the period preceding the year 1948; and (c) appellant had not proved that the debts were irrecoverable.
The Board, after citing various foreign cases, held that appellant was a civil engineering contractor and company director and this did not involve the lending of money, although, being of a generous disposition appellant had loaned Lm12,725 to various persons.
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