Bombay High Court Upholds Tribunal's Decision that Silver Utensils are Personal Effects Not Subject to Capital Gains Tax. The court held that silver utensils weighing 150 kgs used for daily domestic purposes are personal effects excluded from capital assets under Section 2(14) of the Income Tax Act, 1961, and profits from their sale are not liable to capital gains tax under Section 45.
27 Jun 2005The case involves two Income Tax References (No. 231 of 1988 and No. 182 of 1988) filed by the Commissioner of Income Tax, Bombay City VIII, against t...




