Assessee entitled to claim bad debt even if his money lending business subsequently discontinued

Income Tax Appellate Tribunal was right in  holding that the assessee was entitled to claim deduction for bad debts of Rs. 38,20,417/- in respect of the money lending business which was closed down during the accounting year relevant to the assessment year in 1998-99, without following the ratio of the decision of the Supreme Court in the case of Commissioner of Income Tax vs. Gemini Cashew Sales Corporation and contrary to the provisions of Section 36(2)(i) of the Income Tax Act. Merely because the money lending business was subsequently discont

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