https://www.taxtmi.com/caselaws?id=5667 The Supreme Court upheld the High Court's decision that heirloom jewellery sold by the assessee constituted personal effects held for personal use, exempting it from taxable capital gains under the Income-tax Act. The court clarified that personal effects include items used on specific occasions, not just daily use items, emphasizing the broad interpretation of the term. By dismissing the appeal, the court affirmed that jewellery intended for personal use, even on ceremonial occasions, falls under personal effects and is not considered a capital asset, thereby exempting it from taxation. en-us Thu, 14 May 1998 00:00:00 +0530 Sun, 30 Nov 2008 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5667 The Supreme Court upheld the High Court's decision that heirloom jewellery sold by the assessee constituted personal effects held for personal use, exempting it from taxable capital gains under the Income-tax Act. The court clarified that personal effects include items used on specific occasions, not just daily use items, emphasizing the broad interpretation of the term. By dismissing the appeal, the court affirmed that jewellery intended for personal use, even on ceremonial occasions, falls under personal effects and is not considered a capital asset, thereby exempting it from taxation. Case-Laws Income Tax Thu, 14 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5667