https://www.taxtmi.com/caselaws?id=237130 The Tribunal directed the AO to further examine whether the assessee was a trader or an investor by analyzing complete details of purchases and sales. It was held that the paintings could not be considered personal effects. Additionally, the unexplained investment of Rs. 5,00,000 for the assessment year 2007-08 was directed to be deleted. Appeals for both years were allowed for statistical purposes. en-us Mon, 30 Apr 2012 00:00:00 +0530 Thu, 19 Sep 2013 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237130 The Tribunal directed the AO to further examine whether the assessee was a trader or an investor by analyzing complete details of purchases and sales. It was held that the paintings could not be considered personal effects. Additionally, the unexplained investment of Rs. 5,00,000 for the assessment year 2007-08 was directed to be deleted. Appeals for both years were allowed for statistical purposes. Case-Laws Income Tax Mon, 30 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237130