https://www.taxtmi.com/caselaws?id=14478 The High Court ruled in favor of the assessee, finding that the sale of silverwares constituted personal effects exempt from capital gains tax due to their intended personal use. The Court emphasized that personal effects are items intended for personal use, irrespective of frequency. As the decision on the taxability of capital gains favored the assessee, the validity of the voluntary disclosure statement was not addressed, resulting in the disposal of the reference in favor of the assessee without costs. en-us Tue, 19 Sep 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14478 The High Court ruled in favor of the assessee, finding that the sale of silverwares constituted personal effects exempt from capital gains tax due to their intended personal use. The Court emphasized that personal effects are items intended for personal use, irrespective of frequency. As the decision on the taxability of capital gains favored the assessee, the validity of the voluntary disclosure statement was not addressed, resulting in the disposal of the reference in favor of the assessee without costs. Case-Laws Income Tax Tue, 19 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14478