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2003 (5) TMI 519 - ITAT MUMBAIExtract: .......he assessee is not a "personal effect" as occurring in s. 2(14)(ii) rather it is a capital asset. Consequently, the surplus realised on its sale is chargeable to capital gain under s. 45 of IT Act, 1961. 25. Accordingly, the decision of CIT(A) is reversed and that of AO is restored. 26. In the result, the appeal by the Revenue is allowed.
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