26 February 2009
If the car was a business asset, and there is no other assets in the same block with same rate of depreciation (vehicles) Rs 0.80L can be claimed as business expenditure.
27 February 2009
The loss of Rs 0.80L is not business expenditure but it is a Short term capital loss u/s 50. This loss cannot be set of against business income u/s 70(1) of The Income-tax Act,1961.
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