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2013 (4) TMI 666 - HC - Income TaxSale of paintings - personal effect - whether be treated as capital asset for the computation of computed the capital gains - Tribunal held that that the paintings would be personal effects and sale of the same would not attract the capital gains - Held that:- The relevant assessment year in the present case is 2005 -2006 and during such assessment year, the definition of capital asset found under Section 2(14) does not specifically exclude paintings from the purview of personal effects. The paintings were excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) only in pursuant to the amendment made under the Finance Act 2007 that too with effect from 1.4.2008, the above said amendment was not made with any retrospective effect. Thus when the amendment itself was brought in with prospective effect, the same cannot be applied retrospectively. Moreover, it being a taxing liability, the same cannot be applied retrospectively as held in Guffic Chem P. Ltd., Vs. Commissioner of Income Tax (2011 (3) TMI 6 - Supreme Court) - no merits in the appeal. Against revenue.
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