https://www.taxtmi.com/caselaws?id=27151 The court ruled in favor of the petitioner, holding that the silver utensils qualified as personal effects and were excluded from the definition of "capital asset" under the Income-tax Act. The court emphasized that personal effects need not be used daily but must be intended for personal use in the ordinary course, rejecting the Commissioner's restrictive interpretation. The respondents were directed to cover the petitioner's costs incurred in the petition. en-us Wed, 24 Apr 1985 00:00:00 +0530 Thu, 11 Feb 2010 11:57:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27151 The court ruled in favor of the petitioner, holding that the silver utensils qualified as personal effects and were excluded from the definition of "capital asset" under the Income-tax Act. The court emphasized that personal effects need not be used daily but must be intended for personal use in the ordinary course, rejecting the Commissioner's restrictive interpretation. The respondents were directed to cover the petitioner's costs incurred in the petition. Case-Laws Income Tax Wed, 24 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27151