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2017 (11) TMI 1156 - HC - Income TaxTreatment of loss on sale of loan portfolio which was not accepted as falling in the capital stream but treated as income - Held that:- The assessee, a non-banking financial company, had relied upon Section 36(2)(i) which reads as follows: “36.(2) In making any deduction for a bad debt or part thereof, the following provisions shall apply- (i) no such deduction shall be allowed unless such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part thereof is written off or of an earlier previous year, or represents money lent in the ordinary course of the business of banking or moneylending which is carried on by the assessee.” The Court notices that the assessee relied upon an identical treatment of a similar amount for the previous year i.e. A.Y. 2004-05 and the order of the Tribunal. No substantial question of law
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