Sale consideration received from Vintage Cars was taxable unless assessee proved that car was used as personal asset

Narendra I. Bhuva Vs ACIT (Bombay High Court) Conclusion: Sale proceeds of vintage car was taxable unless assessee proved that the car was used as a personal asset. Tribunal had rightly reversed the order passed by CIT (A), which had applied irrelevant considerations of wealth tax returns and non-claiming of depreciation in respect of the car by assessee. Held: Assessee had purchased a vintage car namely “Ford Tourer” 1931 Model from one Mr. Jesraj Singh of Delhi sometime in the year 1983 for a consideration of Rs.20,000/-. The said car was sold for a consideration of Rs.21,00,000/-. He a...