capital assets

vintage car sale taxable
Case BriefsHigh Courts

“Capability of a car for personal use would not ipso facto lead to automatic presumption that every car would be personal effects for being excluded from capital assets of the Assessee.”

Case BriefsSupreme Court

The bench of MR Shah and M.M Sundresh, JJ explained the importance of the words “or otherwise” inserted to Section 45(4) of the Income Tax Act, 1961 by the Finance Act, 1987