https://www.taxtmi.com/caselaws?id=776788 Section 2(14) excludes movable property held for personal use from the definition of "capital asset" only where the article has an intimate, commonly used connection with the assessee and is actually used for personal purposes. Applying that test, the Bombay HC noted the absence of evidence of even occasional personal use of the vintage car, as well as the lack of proof of maintenance or running expenses; the surrounding circumstances suggested it was kept as an article of pride rather than a personal effect. On that basis, the Tribunal's treatment of the car as outside the exclusion was upheld, and the sale proceeds were taxed as capital gains. en-us Thu, 14 Aug 2025 00:00:00 +0530 Tue, 19 Aug 2025 08:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776788 Section 2(14) excludes movable property held for personal use from the definition of "capital asset" only where the article has an intimate, commonly used connection with the assessee and is actually used for personal purposes. Applying that test, the Bombay HC noted the absence of evidence of even occasional personal use of the vintage car, as well as the lack of proof of maintenance or running expenses; the surrounding circumstances suggested it was kept as an article of pride rather than a personal effect. On that basis, the Tribunal's treatment of the car as outside the exclusion was upheld, and the sale proceeds were taxed as capital gains. Case-Laws Income Tax Thu, 14 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776788