https://www.taxtmi.com/caselaws?id=23384 Silver utensils such as thalis, katoris and tumblers were treated as personal effects because their character and customary use showed they were meant for personal or household utility, not merely because of their quantity or the assessee's wealth. On that factual basis, the utensils fell within the exception in section 2(14)(ii) of the Income-tax Act and were excluded from the definition of capital asset. As a result, surplus on their sale was not liable to capital gains tax. The reference was answered wholly in favour of the assessee. en-us Fri, 23 Dec 1988 00:00:00 +0530 Fri, 18 Dec 2009 17:30:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23384 Silver utensils such as thalis, katoris and tumblers were treated as personal effects because their character and customary use showed they were meant for personal or household utility, not merely because of their quantity or the assessee's wealth. On that factual basis, the utensils fell within the exception in section 2(14)(ii) of the Income-tax Act and were excluded from the definition of capital asset. As a result, surplus on their sale was not liable to capital gains tax. The reference was answered wholly in favour of the assessee. Case-Laws Income Tax Fri, 23 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23384