https://www.taxtmi.com/caselaws?id=181495 The Tribunal ruled in favor of the assessee, upholding the CIT(A)'s decision that the sale of paintings was not an adventure in the nature of trade for tax purposes. Additionally, the Tribunal determined that the paintings could be classified as personal effects exempt from taxation under the Income-tax Act. As a result, the revenue's appeal was dismissed, and the paintings were deemed not subject to taxation. en-us Wed, 31 Jul 2002 00:00:00 +0530 Mon, 18 Apr 2016 18:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181495 The Tribunal ruled in favor of the assessee, upholding the CIT(A)'s decision that the sale of paintings was not an adventure in the nature of trade for tax purposes. Additionally, the Tribunal determined that the paintings could be classified as personal effects exempt from taxation under the Income-tax Act. As a result, the revenue's appeal was dismissed, and the paintings were deemed not subject to taxation. Case-Laws Income Tax Wed, 31 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181495