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2011 (5) TMI 359 - DELHI HIGH COURTAddition - Personal effects or capital asset - sale of Carpets (silk on silk carpets),Paintings, antique watches, rings and decorative items, Household items which included crystal items, Antique furniture which includes table, chairs, -centre table, chest, etc. - Whether the articles sold by the assessee to different buyers would be treated as personal effects and, therefore, eligible for exemption under section 2(14) of the Act - CIT(A) held that the items sold were articles meant for personal use and were, therefore, personal effects. - Held that:- No doubt no separate ground was raised by the Revenue dealing with the nature of articles sold by the assessee against which he had realized a sum of Rs. 39.47 lakhs - ITAT directed to directed to go into the issue and decide the same.
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