Personal effect - assessee was holding paintings in a packed ...

Paintings Stored in Packed Condition Not Classified as Personal Effects for Tax Purposes Under Relevant Norms.

September 19, 2013

Case Laws Income Tax AT

Personal effect - assessee was holding paintings in a packed condition and is preserving them according to the norms required and is not displaying them at his house - these paintings cannot be held as personal effects - AT

View Source

← Previous Next →

Personal effect - assessee was holding paintings in a packed ...

Paintings Stored in Packed Condition Not Classified as Personal Effects for Tax Purposes Under Relevant Norms.

September 19, 2013

Case Laws Income Tax AT

You may also like:

The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year...

Capital assets vs personal effects - antique or decorative items and collectors items, cannot be classified as personal effects - AT

The High Court held that personal jewellery which is not newly acquired during an overseas trip, but rather has been a used personal effect carried by the passenger,...

Maintainability of appeal - ITAT dismissed the appeal on the ground of low tax effect being less than 10 lakhs - Board Circular No.21/2015 - Determination of tax effect...

Imposition of tax - Packing material used for packing the clothes - tax not imposable on packing material used for packing the clothes - HC

Detention of motor vehicle - RANGE ROVER motor vehicle transported from Coimbatore to Thiruvananthapuram as 'used personal effect' of the 2nd respondent - detention on...

Heat exchangers and air conditioners - goods can be classified under Heading 84.19 is not acceptable as the same are not for purposes other than air-conditioning...

Disallowance of depreciation on car - use of car for personal purposes - it is for the AO to bring on record to suggest use of asset for personal purpose. In this case,...

Classification of supply - Composite Supply or independent of supply of power packs - the supply of power packs and the supply of freight and insurance services involved...

Exemption from Service Tax - Services by way of Renting the Warehouse to store Fruits & Vegetables - the applicant has rented the warehouse to the Lessee for storing...

Levy of entry tax on packing material of tea upheld - SC

Demand of service tax - activity of preparation of vegetables, fruits by processing the same & packing in consumer packs for their clients is in relation to agriculture...

Maintainability of revenue appeals before the Tribunal when the tax effect is below a certain threshold. According to CBDT instructions, subordinate authorities should...

CBEC issues clarification regarding transitional provisions relating to Duty Free Shops/ Ship stores /Airline Stores/ Diplomatic Stores

Sale of paintings - excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) w.e.f. 1.4.2008 - when the...

Quick Updates: