9911796707
TMI Blog1995 (8) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... mber 13, 1976, made by this court under section 256(2) of the Income-tax Act, 1961, in Income-tax Applications Nos. 2 and 3 of 1976, the Income-tax Appellate Tribunal, Allahabad, has referred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the profits of Rs. 17,228 and Rs. 39,249 realised by the assessee-Hindu undivided family o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see's business as a jeweller, but the ornaments were the private assets of the family and, therefore, the profit arising from the same was not of the nature of income. The Income-tax Appellate Tribunal, in a detailed judgment, came to the conclusion that the ornaments that were sold were not held by the assessee as its stock-in-trade and the sale thereof was not a part of its business transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not of the nature of income, as defined in section 2(24)(i) of the Income-tax Act, 1961. The question whether the profit arising from the sale amounted to a capital gain within the meaning of section 45 of the Act and could be treated as income in terms of section 2(24)(vi) of the Act was not agitated before the Tribunal, nor has that aspect been highlighted in the question that was directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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