| On September 11, 1964, the Income Tax Appellate Tribunal in Madras entered an order granting a temporary restraining order and other emergency relief against two individuals charged with defrauding a family business. According to the order, filed on September 11, 1964, Amarchand Sobhachand was one of the partners of a firm that carried on business at Bombay as an importer of yam and as money lenders. The court found that the bad debt was not incurred in the course of money lending business of the assessee but rather incurred in the course of the business of the firm. The court also ruled that the amount owed by the defendants was not irrecoverable because it was not incurred in the course of money lending business of the assessee. The court further ruled that the debts were not incurred in the course of money lending or for any other purpose as preferred to para 7 above. The court's order granted the temporary restraining order and emergency relief sought by the individual defendants. The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges: |