https://www.taxtmi.com/caselaws?id=59009 The Tribunal allowed the appeal, overturning the CIT's decision to disallow the claimed loss of Rs. 19,552 under "Capital Gains" on the sale of cars. The Tribunal held that the car could be classified as a capital asset for income tax purposes, despite being considered a personal asset in wealth-tax proceedings. Consequently, the claimed loss was deemed eligible for set off against other income, emphasizing that the capital loss on the transfer of the car should be considered under "Capital Gains." en-us Thu, 19 Mar 1981 00:00:00 +0530 Thu, 23 Dec 2010 15:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59009 The Tribunal allowed the appeal, overturning the CIT's decision to disallow the claimed loss of Rs. 19,552 under "Capital Gains" on the sale of cars. The Tribunal held that the car could be classified as a capital asset for income tax purposes, despite being considered a personal asset in wealth-tax proceedings. Consequently, the claimed loss was deemed eligible for set off against other income, emphasizing that the capital loss on the transfer of the car should be considered under "Capital Gains." Case-Laws Income Tax Thu, 19 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59009