1981 (11) TMI 75 - AT - Income Tax

Summary

The ITAT Bombay-E allowed the appeal of the assessee regarding the taxation of silver utensils as capital assets, holding that they were for personal use by the assessee and his family members. The department's argument was rejected based on the specific facts of the case. The utensils were sold as a dining set for 4 people and were considered personal effects, not taxable capital assets.