https://www.taxtmi.com/caselaws?id=221333 The High Court ruled in favor of the assessee, holding that the items sold were personal effects and not capital assets. The Court found that the evidence provided by the assessee was sufficient to prove the genuineness of the sale, shifting the onus to the Revenue. The Court emphasized that personal effects must have an intimate connection with the assessee and concluded that the items in question were inherited or gifted and held for personal use. The appeal was allowed, and the items were deemed exempt under Section 2(14) of the Income Tax Act for the relevant assessment year. en-us Wed, 20 Feb 2013 00:00:00 +0530 Fri, 31 Jan 2014 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221333 The High Court ruled in favor of the assessee, holding that the items sold were personal effects and not capital assets. The Court found that the evidence provided by the assessee was sufficient to prove the genuineness of the sale, shifting the onus to the Revenue. The Court emphasized that personal effects must have an intimate connection with the assessee and concluded that the items in question were inherited or gifted and held for personal use. The appeal was allowed, and the items were deemed exempt under Section 2(14) of the Income Tax Act for the relevant assessment year. Case-Laws Income Tax Wed, 20 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221333