Capital Loss from Foreign Car Sale Valid Despite Resale Profit by Lessees; Lease Terms Uncontested by Revenue Authorities.

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....Capital loss on the sale of the foreign cars - when the sale of the cars itself flow from the terms of the lease agreement and the terms of the agreement thus not questioned by the Revenue, the mere fact that the cars were sold at a price so low and that the lessees could subsequently sell the car for a higher price would not defeat the claim of the assessee for capital loss. - HC....