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1980 (7) TMI 118 - AT - Income TaxExtract: .......erefore, for reasons given herein before, hold that surplus arising on the sale of personal effects can not be taken as capital gain. We, accordingly, hold that the surplus on sales of these personal effects is not liable to assessment. We see no reason to interfere with the order of the AAC. 8. In the result, the Revenue s appeal stands dismissed.
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