https://www.taxtmi.com/caselaws?id=332186 The Tribunal ruled that the loss on the sale of plant and machinery, claimed as a business loss, should be treated as a capital loss as the assets were not connected to the hotel business but were capital assets. The Tribunal emphasized that the plant and machinery were not used in the hotel business and were acquired primarily for land, a capital asset. The Tribunal upheld the Assessing Officer's view, setting aside the CIT(A)'s order. The Revenue's appeal was allowed, and the decision was pronounced on 27.06.2016. en-us Mon, 27 Jun 2016 00:00:00 +0530 Mon, 12 Sep 2016 16:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332186 The Tribunal ruled that the loss on the sale of plant and machinery, claimed as a business loss, should be treated as a capital loss as the assets were not connected to the hotel business but were capital assets. The Tribunal emphasized that the plant and machinery were not used in the hotel business and were acquired primarily for land, a capital asset. The Tribunal upheld the Assessing Officer's view, setting aside the CIT(A)'s order. The Revenue's appeal was allowed, and the decision was pronounced on 27.06.2016. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332186