https://www.taxtmi.com/caselaws?id=233402 The High Court determined that paintings sold by the assessee during the assessment year 2005-2006 were not subject to capital gains tax as they were considered personal effects and not capital assets. The court emphasized that the Finance Act 2007 amendment explicitly excluded paintings from being classified as capital assets until 1.4.2008, thereby supporting the assessee's position. The retrospective application of the amendment was deemed not intended, and the court affirmed that the paintings were not liable for capital gains tax during the relevant period. The appeal challenging this decision was dismissed. en-us Tue, 16 Apr 2013 00:00:00 +0530 Fri, 25 Oct 2013 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233402 The High Court determined that paintings sold by the assessee during the assessment year 2005-2006 were not subject to capital gains tax as they were considered personal effects and not capital assets. The court emphasized that the Finance Act 2007 amendment explicitly excluded paintings from being classified as capital assets until 1.4.2008, thereby supporting the assessee's position. The retrospective application of the amendment was deemed not intended, and the court affirmed that the paintings were not liable for capital gains tax during the relevant period. The appeal challenging this decision was dismissed. Case-Laws Income Tax Tue, 16 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233402