https://www.taxtmi.com/caselaws?id=69392 The Tribunal ruled in favor of the Hindu Undivided Family (HUF), allowing the appeals and overturning the CIT(A)'s decision. It held that an HUF can possess personal effects under section 2(14)(ii) of the Income Tax Act. By establishing the intimate connection between the items sold and the HUF members, the Tribunal concluded that these items qualified as personal effects, exempting them from capital gains tax liability. The decision clarified that HUFs can collectively own personal effects, providing relief to the assessee in terms of tax treatment. en-us Thu, 09 Jun 1988 00:00:00 +0530 Mon, 13 Jun 2011 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69392 The Tribunal ruled in favor of the Hindu Undivided Family (HUF), allowing the appeals and overturning the CIT(A)'s decision. It held that an HUF can possess personal effects under section 2(14)(ii) of the Income Tax Act. By establishing the intimate connection between the items sold and the HUF members, the Tribunal concluded that these items qualified as personal effects, exempting them from capital gains tax liability. The decision clarified that HUFs can collectively own personal effects, providing relief to the assessee in terms of tax treatment. Case-Laws Income Tax Thu, 09 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69392