https://www.taxtmi.com/caselaws?id=17689 Vehicles repossessed by an assessee-financier could not be treated as its stock-in-trade because they remained registered in the hire-purchasers' names, so the assessee was not the owner at the relevant time. No loss on revaluation of those vehicles could therefore be claimed, and the claim could not be recast as a trading loss under section 28. The fact that the assessee carried on money-lending business did not change the result, because the loss was not shown on the facts to be a deductible bad debt under section 36(1)(vii) read with section 36(2). en-us Mon, 01 Jul 1996 00:00:00 +0530 Thu, 24 Sep 2009 11:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17689 Vehicles repossessed by an assessee-financier could not be treated as its stock-in-trade because they remained registered in the hire-purchasers' names, so the assessee was not the owner at the relevant time. No loss on revaluation of those vehicles could therefore be claimed, and the claim could not be recast as a trading loss under section 28. The fact that the assessee carried on money-lending business did not change the result, because the loss was not shown on the facts to be a deductible bad debt under section 36(1)(vii) read with section 36(2). Case-Laws Income Tax Mon, 01 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17689