2012 (1) TMI 290 - SCH - 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 - HC order confirmed 2011 (5) TMI 1028 - DELHI HIGH COURT as 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