Supreme Court · 1998 INSC 241 · Decided 14 May 1998
The Commissioner of Income Tax, Madhya Pradesh, Bhopal v. H.H. Maharani Usha Devi
- Court
- Supreme Court of India
- Citation
- 1998 INSC 241 · [1998] 3 S.C.R. 458
- Case number
- CIVIL APPEAL No. 10004/1983
- Decided
- 14 May 1998
- Bench
- SUJATA V. MANOHAR, S. RAJENDRA BABU (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2, 2(14), 256(1), 45
Headnote
)- Income Tax: c Income Tax Act, 1961-Sec.2(/4), Sec.45-Gainsfrom sale of heirloom jewellery-Used in ceremonial occasions - Held, are personal effects-The profits and gains arising from sale of the items are not taxable. The assessee, an ex-Ruler of erstwhile Holkar State, sold two of her D her personal effects and for sale of these items capital gains tax. is not payable. Though the Tribunal rejected the contention, it referred the matter to the High Court. The High Court held in favour of the assessee. On appeal it was contended that because the jewellery is meant for use on
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