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2012 (6) TMI 41 - ITAT DELHICapital assets vs personal effects - Whether articles like carpets, paintings, antique watches, antique furniture and other household items sold by the assessee are capital assets or personal effects - Held that:- There is no direct evidence available before us in support of the claim of the assessee that these inherited and gifted articles were in personal use by the assessee or his dependent family members, or in which premises these were located or in use. The frequency of use of the property depends on the nature of the property. In the absence of nature and full description of each of the household articles or furniture and collector items in the confirmation of sales placed, nor any evidence of intimate connection between the effects and the person of the assessee having been placed before us, we hold that same cannot be classified as personal effects u/s 2(14). Further, we are of the opinion that antique or decorative items and collectors items, cannot be classified as personal effects - Decided against the assessee.
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