Acit, New Delhi vs Smt. Jagjit Kaur, New Delhi on 2 December, 2019
v. The assessee showing the sale & purchase of such jewellery and property
under the head business and profession, the Assessee also lose the benefit of
indexation, which is available when such assets are shown under the head
investment. So the Assessee has loose such benefit of indexation for conducting
the business and this conduct clearly reveals the intension of Assessee to
purchase such assets for business and profession.
vi. It was held by Delhi High Court in the case of CIT vs Smt. Radhe Bhai (2005)
;