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of <h1>The Supreme Court dismissed the special leave petition after condoning the delay.</h1> The Supreme Court dismissed the special leave petition after condoning the delay. - TMI 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 The Supreme Court dismissed the special leave petition after condoning the delay.
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