https://www.taxtmi.com/caselaws?id=35773 The High Court held that heirloom jewellery constituted 'personal effects' under the Income-tax Act, 1961, exempting it from taxable capital gains. The Court found the jewellery was used by the ex-ruler for personal purposes, distinguishing it from corporate property. Relying on the definition of 'capital asset,' the Court ruled the jewellery fell under personal effects not subject to taxation. The Tribunal's decision to tax the gains was overturned, and the ex-ruler was deemed not liable for tax on the sale of the jewellery. Each party was ordered to bear their own costs. en-us Sat, 21 Feb 1981 00:00:00 +0530 Tue, 16 Mar 2010 15:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35773 The High Court held that heirloom jewellery constituted 'personal effects' under the Income-tax Act, 1961, exempting it from taxable capital gains. The Court found the jewellery was used by the ex-ruler for personal purposes, distinguishing it from corporate property. Relying on the definition of 'capital asset,' the Court ruled the jewellery fell under personal effects not subject to taxation. The Tribunal's decision to tax the gains was overturned, and the ex-ruler was deemed not liable for tax on the sale of the jewellery. Each party was ordered to bear their own costs. Case-Laws Income Tax Sat, 21 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35773