9911796707
TMI Blog1980 (4) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... which were disclosed by the assessee during the disclosure scheme, 1975 at a price of Rs. 22,531. The assessee claimed that this was exempt. The ITO held that the assessee's claim was not acceptable as disclosure was to the tune of 25 Kgs. of silver utensils and no details thereof were filed. The ITO also took the view that silver utensils were not used for domestic purposes. He also held that no proof was given that these are household utensils. He, therefore, calculated the long term capital gain by taking the sale price at Rs. 22,331 and cost of acquisition was taken at Rs. 2,473 and after allowing relief under s. 80T he calculated the capital gains at Rs. 9,115. 3. The assessee appealed before the AAC. Before the AAC it was argued on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was raised before AAC and so the AAC has not discussed this point and so ground no. 3 does not arise out of the order of the AAC. Hence I reject ground no. 3 as not maintainable. 6. Now I have only to consider whether the entire 25 kgs. of silver utensils should be taken for domestic purposes. The ld. Counsel for the assessee has filed a certificate of the CIT, Bihar-II, Patna which shows that assessee had disclosed 25 kgs., of silver utensils intended for personal and domestic use which was acquired upto 1957-58 for Rs. 4,220. The certificate also shows that old jewellery ornaments were also disclosed and thus the total disclosure was for Rs. 8,840 on which income-tax was paid on 23rd Dec., 1975. On the basis of this certificate the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can prefer to use silver utensils for domestic purposes. The Tribunal in that case held that the silver utensils were for domestic purposes. The Tribunal also referred to s. 2(14) of the said Act which lays down that "Capital assets" does not include personal effects held for personal use by the assessee or any member of his family dependent on him and the Tribunal held that the AAC had taken a reasonable view that silver utensils were for domestic purposes. 9. In that case, the ld. departmental representative relied on the case of H.H. Maharaja Rana Hemant Singhji vs. CIT, Rajasthan(1). The Tribunal decided ITA No. 865 (Pat) of 1979 considering this decision of the Supreme Court. 10. The ld. Departmental representative has also relied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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