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1990 (11) TMI 121 - ALLAHABAD HIGH COURTExtract: ....... cannot be treated as a business loss once the jeeps are treated as a capital asset. The capital loss cannot be deducted out of the revenues of the assessee. This question is, accordingly, answered in the negative, that is, in favour of the Revenue and against the assessee. The reference is answered accordingly. There shall be no order as to costs.
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