The Torah allows it. Indeed, our Avos (amongst others in Klal Yisroel) practiced it.
Halacha (i.e. Shulchan Aruch) supports it. For Ashkenazim there is a cherem that the author himself chose to put an expiration date on. And even the chrem didn’t apply to all of Klal Yisroel.
Other than Ashkenazim, Klal Yisroel practiced it even in recent times.
And for the second time, some Gedolim do support reinstating it, as indicated.