https://www.taxtmi.com/caselaws?id=69675 The Appellate Tribunal ITAT Madras-B ruled in favor of the assessee, canceling the assessment of capital gains tax on the sale of loose diamonds. The Tribunal held that loose diamonds held for personal use do not constitute a capital asset for the levy of capital gains tax under the IT Act. Previous Tribunal rulings and the interpretation of relevant provisions supported this decision, distinguishing movable property held for personal use from assets subject to capital gains tax. The Tribunal rejected the Revenue's reliance on a Supreme Court ruling, emphasizing the specific nature of the loose diamonds in question. en-us Fri, 28 May 1976 00:00:00 +0530 Mon, 13 Jun 2011 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69675 The Appellate Tribunal ITAT Madras-B ruled in favor of the assessee, canceling the assessment of capital gains tax on the sale of loose diamonds. The Tribunal held that loose diamonds held for personal use do not constitute a capital asset for the levy of capital gains tax under the IT Act. Previous Tribunal rulings and the interpretation of relevant provisions supported this decision, distinguishing movable property held for personal use from assets subject to capital gains tax. The Tribunal rejected the Revenue's reliance on a Supreme Court ruling, emphasizing the specific nature of the loose diamonds in question. Case-Laws Income Tax Fri, 28 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69675