No documentary evidence required of goods brought up to a sum of Rs. 50,000. - Income Tax - 448/CBDT

INSTRUCTION NO. 448/CBDT Dated: August 21, 1972 Section(s) Referred: 54 Statute: Income - Tax Act, 1961 The Board had an occasion to examine the case of repatriates from Mozambiqe. On a careful examination of the conditions under which the repatriates came to India and other relevant circumstances, it has been decided to treat the sale of goods brought by them up to a sum of Rs. 50,000 as capital and only the sale proceeds in excess of Rs. 50,000 would be considered for determining the capital gains. 2. It has further been decided that the I.T. Officers should not insist on the repatriates to produce documentary evidence to establish their claims that the goods sold were held by them for a period which would take outside the ambit of the definition of a short-term capital asset. Therefore, the profit on such sales would be assessed as a long term capital gains. 3. All pending assessments should be disposed of keeping in view the above instructions. Assessments which have already been completed may also be reviewed in the light of the above. The said decision may also be placed before the appellate authorities before whom any such claim may be pending in appeal.