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2010 (11) TMI 802 - HC - Income TaxLoss on sale of repossessed assets u/s 36(1) (vii) r/w Section 36 (2) - Whether assessee had satisfied the conditions as prescribed in Section 36(2) so as to allow deduction of loss of 1.56 crore u/s 36 (1) (vii) - 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:- 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 now settled by the judgment of this Court in the case of Commissioner of Income-Tax vs. BSES Yamuna Powers Ltd. [2010 (8) TMI 58 - DELHI HIGH COURT]
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