9911796707
TMI Blog2004 (8) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... n-trade - In view of the aforementioned findings of the fact recorded by the Commission which are based on appreciation of evidence and material on record, the irresistible conclusion is that the silver was either stock-in-trade or raw material of the petitioner and by no stretch of imagination, can it be treated as capital asset. Thus there is no infirmity in the order which requires any interfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... job work of manufacture of silver chains upon orders received from customers. He had 536 kilograms (net) of silver which he had sold during the financial year 1992-93 for a total sum of Rs. 41,78,937. According to the petitioner, he had acquired the silver over a period of years at a total cost of Rs. 30,43,711 which resulted in net profit of Rs. 11,35,226. The income-tax authorities took certain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Department and he is prepared to argue the case without counter affidavit. Learned counsel for the petitioner submitted that as the petitioner was doing only job work of silver chains, he was only charging the labour charges and was not indulging in sale of silver. Thus silver in question was his capital asset and not stock-in-trade or raw material. Therefore, the profit, if any, arisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It had further found that the silver has been purchased at least partly out of funds kept for the purposes of business. In view of the aforementioned findings of the fact recorded by the Commission which are based on appreciation of evidence and material on record, the irresistible conclusion is that the silver was either stock-in-trade or raw material of the petitioner and by no stretch of ima ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
