Case Law Details
Case Name : K. D. Madan Vs ITO (Madras High Court)
Related Assessment Year : 1999-00 and 2000-01
Courts :
All High Courts Madras High Court
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Loss suffered by the assessee on the sale of foreign is quantified at a figure of Rs. 51,6,108/-. The only question that remains is to determine the nature of loss. In view of the categoric finding of the Commissioner of Income Tax (Appeals) that has attained finality, to the effect that the foreign cars were utilised in the business of the assessee, the loss arising out of their sale would be liable to be categorised as a business loss.
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1. The asse
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