https://www.taxtmi.com/caselaws?id=57906 The Tribunal held that the surplus from the sale of personal effects, specifically furniture and household items, cannot be considered as capital gain under the IT Act. The items sold were determined to fall under the definition of personal effects as movable property held for personal use, regardless of rarity of use. Therefore, the Tribunal dismissed the Revenue's appeal and upheld the AAC's decision to delete the addition of Rs. 45,000 as capital gain for the assessment year 1976-77. en-us Thu, 03 Jul 1980 00:00:00 +0530 Wed, 15 Dec 2010 13:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57906 The Tribunal held that the surplus from the sale of personal effects, specifically furniture and household items, cannot be considered as capital gain under the IT Act. The items sold were determined to fall under the definition of personal effects as movable property held for personal use, regardless of rarity of use. Therefore, the Tribunal dismissed the Revenue's appeal and upheld the AAC's decision to delete the addition of Rs. 45,000 as capital gain for the assessment year 1976-77. Case-Laws Income Tax Thu, 03 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57906