Agricultural-land reinvestment qualifies when transfer consideration precedes replacement purchase, while unexamined claims may be reassessed on escap...
Bona fide public fixed-deposit explanations prevent concealment penalties where unexplained-credit additions lack independent evidence of undisclosed ...
Factory-consumption condition restricts solar module parts exemption and excludes imported aluminium profiles fabricated outside the production factor...
Personal-use motor cars constitute personal effects rather than capital assets where their intimate and common personal use is established. Non-claim of depreciation, disallowance of car expenses as personal, and absence of business activity support that classification; balance-sheet treatment as a fixed asset does not prevail over actual user. Accordingly, transfer of such a motor car does not generate an allowable capital loss. Authorities concerning business assets or depreciation were distinguishable.
Personal-use motor cars constitute personal effects rather than capital assets where their intimate and common personal use is established. Non-claim of depreciation, disallowance of car expenses as personal, and absence of business activity support that classification; balance-sheet treatment as a fixed asset does not prevail over actual user. Accordingly, transfer of such a motor car does not generate an allowable capital loss. Authorities concerning business assets or depreciation were distinguishable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
