https://www.taxtmi.com/caselaws?id=27640 The High Court held that the loss on the sale of spare parts, spare engines, and propellers should be treated as a capital loss, not a revenue loss. The Court determined that the spare parts were purchased for future use in the aircraft and classified as capital assets, not immediately required for operation. As the spares became unnecessary due to the sale of the aircraft, any loss from their sale was considered a capital loss. The Revenue prevailed in the case, and costs were awarded against the assessee. en-us Wed, 07 Sep 1983 00:00:00 +0530 Mon, 15 Feb 2010 11:40:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27640 The High Court held that the loss on the sale of spare parts, spare engines, and propellers should be treated as a capital loss, not a revenue loss. The Court determined that the spare parts were purchased for future use in the aircraft and classified as capital assets, not immediately required for operation. As the spares became unnecessary due to the sale of the aircraft, any loss from their sale was considered a capital loss. The Revenue prevailed in the case, and costs were awarded against the assessee. Case-Laws Income Tax Wed, 07 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27640