https://www.taxtmi.com/caselaws?id=28087 The Tribunal ruled in favor of the assessee, determining that the silver utensils sold were personal effects, not capital assets subject to capital gains tax. The Tribunal found the reopening of assessment under s. 147(b) invalid, distinguishing the case from the Supreme Court judgment cited by the ITO. It emphasized the nature and intended use of the utensils, concluding they were not liable for capital gains tax. The Court affirmed the Tribunal's decision, discharging the rule with costs in favor of the assessee. en-us Thu, 16 Feb 1984 00:00:00 +0530 Fri, 19 Feb 2010 10:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28087 The Tribunal ruled in favor of the assessee, determining that the silver utensils sold were personal effects, not capital assets subject to capital gains tax. The Tribunal found the reopening of assessment under s. 147(b) invalid, distinguishing the case from the Supreme Court judgment cited by the ITO. It emphasized the nature and intended use of the utensils, concluding they were not liable for capital gains tax. The Court affirmed the Tribunal's decision, discharging the rule with costs in favor of the assessee. Case-Laws Income Tax Thu, 16 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28087