Bombay High Court Rules on Personal Effects Exclusion Under Section 2(14) Income Tax Act in Vintage Car Capital Gains Appeal. Intimate Connection with Person Required; Mere Capability of Personal Use Does Not Make Asset Personal Effects....
Background — The appeal arose from an income tax assessment for assessment year 1992-1993 concerning the sale of a vintage car. The assessee, a salaried employee of M/s. Indu Nishan Oxo-Chemical Ind...




