https://www.taxtmi.com/caselaws?id=26868 The High Court of Rajasthan ruled in favor of the assessee, holding that gold ornaments and jewellery were not to be considered capital assets before April 1, 1973. As the sale occurred prior to this date, no capital gains tax liability was imposed. The Court emphasized the non-retrospective nature of the amendment and protected the assessee's substantive rights accrued before the specified date. Consequently, the assessee was absolved of any capital gains tax liability for the assessment year 1973-74. en-us Tue, 16 Jul 1985 00:00:00 +0530 Tue, 09 Feb 2010 10:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26868 The High Court of Rajasthan ruled in favor of the assessee, holding that gold ornaments and jewellery were not to be considered capital assets before April 1, 1973. As the sale occurred prior to this date, no capital gains tax liability was imposed. The Court emphasized the non-retrospective nature of the amendment and protected the assessee's substantive rights accrued before the specified date. Consequently, the assessee was absolved of any capital gains tax liability for the assessment year 1973-74. Case-Laws Income Tax Tue, 16 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26868