Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2370 - AT - Income TaxDeduction towards bad debts claimed - CIT(A) allowed the claim - whether the principal amount of a term loan, given by the assessee as a NBFC, to be written off as bad debt when the said amount is in the nature of capital of the assessee? - Held that:- The assessee’s primary business is only money lending through hire purchase scheme and hence the instalments receivable becomes the stock in trade of the assessee and all these monies were advanced during the course of business of the assessee. Hence any loss arising out of it could only be treated as business loss u/s 28 of the Act. We are not inclined to interfere with the findings given by the Learned CITA in this regard. Decided against revenue.
|