https://www.taxtmi.com/caselaws?id=60452 The Tribunal dismissed the appeal, ruling that the silver utensils were capital assets subject to capital gains tax. The decision was based on the lack of wear and tear on the utensils, the quantity of utensils in possession, and the absence of a close and intimate connection between the utensils and the assessee, as required for them to be classified as personal effects exempt from taxation. en-us Fri, 11 Nov 1983 00:00:00 +0530 Wed, 05 Jan 2011 13:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60452 The Tribunal dismissed the appeal, ruling that the silver utensils were capital assets subject to capital gains tax. The decision was based on the lack of wear and tear on the utensils, the quantity of utensils in possession, and the absence of a close and intimate connection between the utensils and the assessee, as required for them to be classified as personal effects exempt from taxation. Case-Laws Income Tax Fri, 11 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60452