https://www.taxtmi.com/caselaws?id=209361 HC dismissed Revenue's appeal, holding that loss on sale of repossessed assets by the assessee-NBFC constitutes a bad debt deductible u/s 36(1)(vii) r/w s. 36(2), not a capital loss. CIT(A) and ITAT were upheld in treating the assessee as a moneylender under a hire-purchase financing scheme, where the purchaser remained owner of vehicles and the assessee only a lender. The Allahabad HC decision in Motor & General Sales Pvt. Ltd. was distinguished as involving mere revaluation without sale. Applying the Calcutta HC ruling in A.W. Figgies, the HC held no substantial question of law arose and dismissed the appeal. en-us Tue, 09 Nov 2010 00:00:00 +0530 Tue, 02 Dec 2025 16:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209361 HC dismissed Revenue's appeal, holding that loss on sale of repossessed assets by the assessee-NBFC constitutes a bad debt deductible u/s 36(1)(vii) r/w s. 36(2), not a capital loss. CIT(A) and ITAT were upheld in treating the assessee as a moneylender under a hire-purchase financing scheme, where the purchaser remained owner of vehicles and the assessee only a lender. The Allahabad HC decision in Motor & General Sales Pvt. Ltd. was distinguished as involving mere revaluation without sale. Applying the Calcutta HC ruling in A.W. Figgies, the HC held no substantial question of law arose and dismissed the appeal. Case-Laws Income Tax Tue, 09 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209361