https://www.taxtmi.com/caselaws?id=29005 The court ruled against the assessee, determining that loose diamonds, even if held for personal use, are considered jewelry and not personal effects exempt from capital gains tax under the Income Tax Act. The court held that jewelry, irrespective of personal use, falls under the category of movable property subject to capital gains tax, distinguishing it from items like furniture and apparel exempted for personal use. The judgment upheld the taxability of capital gains from the sale of jewelry, including loose diamonds, contrary to the assessee's claim. en-us Wed, 30 Sep 1981 00:00:00 +0530 Wed, 10 Mar 2010 11:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29005 The court ruled against the assessee, determining that loose diamonds, even if held for personal use, are considered jewelry and not personal effects exempt from capital gains tax under the Income Tax Act. The court held that jewelry, irrespective of personal use, falls under the category of movable property subject to capital gains tax, distinguishing it from items like furniture and apparel exempted for personal use. The judgment upheld the taxability of capital gains from the sale of jewelry, including loose diamonds, contrary to the assessee's claim. Case-Laws Income Tax Wed, 30 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29005