https://www.taxtmi.com/caselaws?id=59268 The Tribunal rejected the assessee's claim that the silver utensils sold constituted personal effects for capital gains tax exemption. It determined that the utensils were not intimately personal items used primarily by the assessee or his family. The Tribunal found that the assessee did not possess the utensils until 1970 and sold them in 1976, indicating they were not personal effects. The decision overturned the Appellate Assistant Commissioner's ruling and upheld the Income Tax Officer's taxation treatment, deeming the sale of silver utensils as capital gains income. en-us Wed, 09 Feb 1983 00:00:00 +0530 Sun, 06 Feb 2011 03:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59268 The Tribunal rejected the assessee's claim that the silver utensils sold constituted personal effects for capital gains tax exemption. It determined that the utensils were not intimately personal items used primarily by the assessee or his family. The Tribunal found that the assessee did not possess the utensils until 1970 and sold them in 1976, indicating they were not personal effects. The decision overturned the Appellate Assistant Commissioner's ruling and upheld the Income Tax Officer's taxation treatment, deeming the sale of silver utensils as capital gains income. Case-Laws Income Tax Wed, 09 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59268