Assessee sold a vintage car which he had purchased for Rs. 20,000 for a consideration of Rs. 21 lakhs. He claimed that car was shown as a personal asset in wealth tax and same was an exempt asset. Assessing Officer added profit on sale of car as business income. CIT(A) allowed the exemption. Tribunal reversed the order of the CIT(A). On appeal the Court held that\u00a0 since assessee failed to adduce any evidence with regard to vintage car being put to personal use, vintage car owned by assessee was not his personal effect and, thus, gain arising on sale thereof was liable to be taxed under head ‘Capital Gains.Applied.H.H. Maharaja Rana Hemant Singhji v. CIT\u00a0 (1976) 103 ITR 61 (SC) applied.(AY. 1992-93)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Capital asset\u2014Personal effects-Vintage car\u2014 Failed to provide evidence proving personal use of vintage car-Gain taxable as capital gains.[S. 2(14)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59421","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fsp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59421"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59421\/revisions"}],"predecessor-version":[{"id":59422,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59421\/revisions\/59422"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}