ITAT Clarifies Tax Provisions: Higher Car Depreciation, Loan Interest in Capital Gains, Rental Income, and Land Sale Losses.

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....Allowance of depreciation on cars given on hire, treatment of interest paid on loans for purchase of plot as part of cost of acquisition for computing capital gains, recalculation of income from house property, and allowance of long-term capital loss on sale of land. The Income Tax Appellate Tribunal (ITAT) provided directions to the Assessing Officer regarding the appropriate treatment of these issues, such as allowing higher depreciation rate on hired cars, including interest as part of cost of acquisition, deleting additions made for rental income under house property, and allowing the claimed long-term capital loss on sale of land. The summary outlines the ITAT's rulings on these matters, providing clarity on the correct application of tax provisions.....