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TMI Blog2006 (5) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 noticed, the assessee claimed long ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee, 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 for the purpose of computing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 sale of car cannot be consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 various dictionar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel for the assessee support the case of the assessee. Secondly, I have already hereinabove, considered the submissions made by the learned counsel, that assessee had shown income from car hiring, which has been accepted and taxed as such in one of the preceding year. For the assessment year ended on 31-3-2000, the assessee has shown Rs. 2,00,000 as car hire income. In view of the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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