tax on loss due to sale of imported car

Kunjannshah (13 Points)

10 May 2007  
Assessee is a company in business of diamonds. It had an imported car which it bought in 1995-96 for Rs.76 lakhs. The car was  used for business purposes.It sold the car in 2004-05 at a price of Rs.7 lakhs.
Will it be business loss or long term capital loss?
Kunjan Shah
kunjanshah @