TaxTMI 
TaxTMI 
2006 (5) TMI 304
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....e is directed against the order of the CIT(A) in confirming the disallowance of Rs. 11,55,288 claimed by the assessee being the long-term capital loss in respect of sale of motor car. 3. The facts leading to the dispute briefly are that, in this case the assessee filed the return on 24-6-2002 declaring total income at Rs. l,35,480. While completing the scrutiny assessment, the Assessing Officer n....
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.... whereas in instant case of assessee, no depreciation has been claimed and allowed, hence it is to be treated as long-term capital asset and hence eligible for indexation. 4. The above explanation, of the assessee was rejected, since assessee was neither having business income nor professional income. The Assessing Officer held, personal asset like motorcar cannot be considered as capital asset f....
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....fore, the Assessing Officer should have treated this under the provisions of sections 45 to 55 and should have allowed the claim of gain or loss accordingly. The claim of the assessee was rejected by the CIT(A) holding that, the assessee is not doing any business and had no income from other sources. Assessee's case was a foreign brand. The CIT(A) held, the claim of carry forward of loss on the sa....
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....Rs. 2,00,000 and it has been accepted also. The assessee has shown in the business the motor car as well. The revenue has accepted the said income and assessed it as such. The assessee relied upon the decision of the Hon'ble Supreme Court in the case of H.H. Maharaja Rana Hemant Singhji v. CIT reported in 103 ITR 61 . The learned counsel submitted, after considering the issue in the light of the v....