https://www.taxtmi.com/highlights?id=104472 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. en-us Sat, 03 Oct 2026 09:32:28 +0530 Sat, 03 Oct 2026 09:32:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104472 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. Highlights Income Tax Sat, 03 Oct 2026 09:32:28 +0530 https://www.taxtmi.com/highlights?id=104472