https://www.taxtmi.com/caselaws?id=60342 The Tribunal ruled in favor of the assessee, holding that the paintings qualified as personal effects exempt from capital gains tax. It found that the paintings had an intimate relation to the assessee and were commonly used, thus falling under the category of personal effects. Additionally, the Tribunal determined that the valuation of Rs. 50,000 on 1-1-1954 lacked sufficient evidential support, leading to the conclusion that the lower authorities were unjustified in applying capital gains tax to the sale of the paintings. en-us Wed, 23 Sep 1981 00:00:00 +0530 Tue, 04 Jan 2011 17:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60342 The Tribunal ruled in favor of the assessee, holding that the paintings qualified as personal effects exempt from capital gains tax. It found that the paintings had an intimate relation to the assessee and were commonly used, thus falling under the category of personal effects. Additionally, the Tribunal determined that the valuation of Rs. 50,000 on 1-1-1954 lacked sufficient evidential support, leading to the conclusion that the lower authorities were unjustified in applying capital gains tax to the sale of the paintings. Case-Laws Income Tax Wed, 23 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60342