Supreme Court of India
The Commissioner of Income Tax, Madhya Pradesh, Bhopal v. H.H. Maharani Usha Devi
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From the 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 heirloom jewellery. She claimed that they were 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
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