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2014 (9) TMI 170 - DELHI HIGH COURTIndexation of sale of painting by assessee – Painting acquired before 01.04.1981 – Whether the value of painting as on 01.04.1981 is to be indexed up to the date of the sale or not – Held that:- As decided in Faiz Murtaza Ali v. Commissioner of Income Tax [2013 (3) TMI 100 - DELHI HIGH COURT] paintings had been considered to be personal effects, but only those articles were to be included in the definition of “personal effects” which were intimately and commonly used by the assessee - since the assessee herself in her return had not claimed the painting as a personal effect, there is no evidence on record on either side - prior to 01.04.2008, a painting could be regarded as a “personal effect” - But, before a painting can be regarded as a “personal effect” there must be evidence on record to show that it was intimately and commonly used by the assessee - There is no such evidence on either side, and the matter is to be remitted back to the AO for determination on the basis of evidence – Decided in favour of assessee.
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