2016 (5) TMI 292

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..... he Respondent Assessee for the AYs in question the initial assessment proceedings took place under Section 143(3) of the Act. Thereafter they were sought to be reopened by issuing notice under Section 147 of the Act and re-assessment orders were passed under Section 147 read with Section 143(3) of the Act. During both the aforementioned proceedings the question whether the gold and silver utensils .....

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..... ORDER CM No. 15007/2016 (for exemption) in ITA No. 276/2016 1. Exemption allowed subject to all just exceptions. 2. The application is disposed of. ITA No. 274/2016 276/2016 3. These appeals by the Revenue are, under Section 260A of the Income Tax Act, 1961 ( Act ), against the common judgment dated 29th May 2015 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No .....

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..... Section 143(3) of the Act. During both the aforementioned proceedings the question whether the gold and silver utensils were the capital assets or personal effects of the Assessee was examined. They were held not to be the personal effects. 7. It has been noticed by the ITAT in the impugned order that for the AYs in question no incriminating material qua the Assessee was found. 8. In that vi .....

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