https://www.taxtmi.com/caselaws?id=59261 Silver utensils used as a small dining set by the assessee and dependent family members were treated as personal effects held for personal use, and therefore excluded from the definition of capital asset under section 2(14) of the Income-tax Act, 1961. The surrounding facts, including the nature, quantity and actual use of the articles, supported this characterisation, while the Revenue's relied-on authority was found distinguishable on facts. As a result, the sale of those utensils did not give rise to taxable capital gains, and the assessee's claim was accepted. en-us Mon, 30 Nov 1981 00:00:00 +0530 Mon, 27 Dec 2010 15:19:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59261 Silver utensils used as a small dining set by the assessee and dependent family members were treated as personal effects held for personal use, and therefore excluded from the definition of capital asset under section 2(14) of the Income-tax Act, 1961. The surrounding facts, including the nature, quantity and actual use of the articles, supported this characterisation, while the Revenue's relied-on authority was found distinguishable on facts. As a result, the sale of those utensils did not give rise to taxable capital gains, and the assessee's claim was accepted. Case-Laws Income Tax Mon, 30 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59261