https://www.taxtmi.com/caselaws?id=55433 The Tribunal ruled that silver utensils weighing 46.89 kgs sold by the assessee were considered personal effects and not subject to capital gains tax. The majority opinion highlighted the utensils' use during festive occasions and dinners for personal purposes, emphasizing their intended personal use. The dissenting opinion suggested only utensils for the dependent family should be deemed personal effects. The matter was referred to the Tribunal President due to conflicting views, with the Third Member concurring with the majority, ultimately exempting the sale of the 46.89 kgs of silver utensils from capital gains tax. en-us Thu, 26 Dec 1985 00:00:00 +0530 Sat, 27 Nov 2010 10:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55433 The Tribunal ruled that silver utensils weighing 46.89 kgs sold by the assessee were considered personal effects and not subject to capital gains tax. The majority opinion highlighted the utensils' use during festive occasions and dinners for personal purposes, emphasizing their intended personal use. The dissenting opinion suggested only utensils for the dependent family should be deemed personal effects. The matter was referred to the Tribunal President due to conflicting views, with the Third Member concurring with the majority, ultimately exempting the sale of the 46.89 kgs of silver utensils from capital gains tax. Case-Laws Income Tax Thu, 26 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55433