ACIT CIRCLE-29(1), NEW DELHI vs. SANJEEV BHALERAO, NEW DELHI
In the result, the appeal of the revenue is dismissed
ITA 2087/DEL/2019[2011-12]Status: DisposedITAT Delhi28 Jan 2022AY 2011-12
Bench: Sh. Saktijit Deydr. B. R. R. Kumar(Through Video Conferencing) Ita No. 2087/Del/2019 : Asstt. Year : 2011-12 Acit, Vs Sanjeev Bhalerao, Circle-29(1), B-2/25, Safdarjung Enclave, New Delhi New Delhi-110029 (Appellant) (Respondent) Pan No. Aetpb0760M Assessee By : Sh. Abhishek Jain, Ca Revenue By : Sh. Satpal Gulati, Cit Dr Date Of Hearing: 19.01.2022 Date Of Pronouncement: 28.01.2022
For Appellant: Sh. Abhishek Jain, CAFor Respondent: Sh. Satpal Gulati, CIT DR
Section 10Section 2(14)(ii)Section 45Section 54F
Income Tax Act, 1961 in respect of sale of paintings being not in the nature of capital asset. As per provisions of Section 2(14)(ii)(d), the paintings were excluded from the definition of “personal effects” w.e.f. 01.04.2008. Hence, paintings are capital asset and transfer of the same
