AAAR: Deems paintings from art collectors/ Antiques watches/jewellery/collectibles as ‘second-hand goods’ or ‘used’

Maharashtra AAAR extends benefit of the margin scheme in terms of Rule 32 (5) to paintings bought from individual art collectors/antique watches/antique jewellery/collectibles; Explains that ‘second-hand’ and ‘used’ are synonymous words while adding that appellant is dealing in buying and selling of second-hand goods and these goods have not come for sale for the first time in the market ; Therefore, concludes that conditions of the rule are satisfied by the appe...