First Finance Restricted

After sure preliminary payment of lease quantity, they weren’t paying the lease amount to the assessee-company. The assessee’s correspondence didn’t produce any outcome. Therefore, the assessee-company had filed a authorized notice and a petition for winding-up under sections 434, 433 and 439 of the Companies Act, 1956 within the Delhi High Court.

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Let us take up the ground regarding disallowance of unhealthy debts. Briefly acknowledged, the information of the case are that whereas processing the evaluation of the assessee-company under part 143 of the Income Tax Act, 1961, the assessing officer seen that the assessee had claimed a sum of Rs. 5,31,097 as bad debts. The assessing officer found that the assessee-company had leased certain belongings to M/s.

In the Eighties about 400 companies got into the leasing bandwagon, went public and went bust. Big leasing companies like 20th Century Leasing, Lloyd Finance, CRB all collapsed, merged with subsidiaries or shut store. Leasing worked within the pre-liberalisation days when international corporations weren’t allowed to personal assets. Many in the extra conservative finance corporations all the time doubted leasing firms accounting of recurrent earnings.