2011 (5) TMI 1028 - HC - Income Tax

Loss on sale of repossessed assets u/s 36(1) (vii) r/w Section 36 (2) - Whether loss on sale of repossessed assets is a capital loss or it is a bad debt allowable u/s 36(1) (vii) R/W Section 36 (2) Held that - The issue is covered by the judgment of this Court 2010 (11) TMI 802 - Delhi High Court wherein held CIT (A) was right in his conclusion to held that the amount advanced by the assessee during the course of business could not be recovered would be treated as bad debt allowable under Section 36 (2) of the Act. Relied on A.W.Figgies case 2001 (9) TMI 46 - CALCUTTA High Court . Depreciation on computers and peripherals at the rate of 60% is allowable See Commissioner of Income-Tax vs. BSES Yamuna Powers Ltd. 2010 (8) TMI 58 - DELHI HIGH COURT

Summary

The Delhi High Court dismissed the case as it was covered by a previous judgment in the same assessee's case, stating that no substantial question of law arises. (Citation: 2011 (5) TMI 1028 - DELHI HIGH COURT)