https://www.taxtmi.com/caselaws?id=213721 The ITAT allowed the Revenue's appeal, determining that the items sold were capital assets and not personal effects under Section 2(14) of the Income-tax Act, 1961. The addition of Rs. 1,09,40,000/- under Section 68 was upheld as the assessee did not adequately prove the money's source. The ITAT found that the items sold could not be classified as personal effects based on insufficient evidence provided by the assessee, leading to the conclusion that they were capital assets. en-us Thu, 31 May 2012 00:00:00 +0530 Mon, 18 Apr 2016 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213721 The ITAT allowed the Revenue's appeal, determining that the items sold were capital assets and not personal effects under Section 2(14) of the Income-tax Act, 1961. The addition of Rs. 1,09,40,000/- under Section 68 was upheld as the assessee did not adequately prove the money's source. The ITAT found that the items sold could not be classified as personal effects based on insufficient evidence provided by the assessee, leading to the conclusion that they were capital assets. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213721