https://www.taxtmi.com/caselaws?id=800238 Motor cars held for personal use are excluded from the definition of capital assets under the Income-tax Act, except for specified exceptions that do not cover motor cars. Actual use determines an asset's character, rather than its classification as a fixed asset in the balance sheet. Where no depreciation is claimed, vehicle expenses are disallowed as personal, and no business use exists, sale of the car cannot generate an allowable long-term capital loss. en-us Mon, 28 Sep 2026 00:00:00 +0530 Sat, 03 Oct 2026 09:32:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800238 Motor cars held for personal use are excluded from the definition of capital assets under the Income-tax Act, except for specified exceptions that do not cover motor cars. Actual use determines an asset's character, rather than its classification as a fixed asset in the balance sheet. Where no depreciation is claimed, vehicle expenses are disallowed as personal, and no business use exists, sale of the car cannot generate an allowable long-term capital loss. Case-Laws Income Tax Mon, 28 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800238