1980 (2) TMI 116 - AT - Wealth-tax

Summary

The appeal by the Revenue regarding the exemption of silver coins under s. 5(1)(xii) of the WT Act, 1957 was dismissed by the ITAT Delhi-A. The Tribunal upheld the AAC's decision that the coins, preserved by the assessee family as heirlooms and not intended for sale, are exempt as art collections under the Act. The coins' archaeological value and preservation over generations supported this decision. The Revenue's argument that the coins were machine-made was not considered a deterrent to their classification as art collections.