9911796707
TMI Blog1985 (6) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... section 256(2) of the Income-tax Act for direction to the Income-tax Appellate Tribunal to make a reference in respect of the following question : " Whether, on the facts and circumstances of the case and tile material on record, there is justification in law for the Tribunal to hold that the silver utensils were not personal effects held for the personal use of the applicant within the meaning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the tune of Rs. 26,015, the income was determined on account of capital gain at Rs. 31,522. It is alleged that aggrieved by this order, an appeal was preferred before the Appellate Assistant Commissioner who confirmed the order of the Income-tax Officer and against that order, an appeal was preferred before the Income-tax Appellate Tribunal. The Tribunal rejected the claim of the petitioner by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hings are held for personal use of the assessee or of any member of the family. In this context, it is contended that the question of law that arises is as to whether silver utensils which, by their very nature, indicate that they are meant for personal use, could be said to fall within the ambit of section 2(14)(ii) of the Act and it is on this ground, it is contended by the learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel that the true test that can be applied is what has been indicated in the language of section 2(14)(ii) of the Act, i.e., " held for personal use by the assessee ". It was also contended that in the judgment of the Supreme Court on which reliance is placed by the Tribunal, their Lordships held that coins made of silver or gold could not be said to be articles which are held for personal use, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r facts of that case, The language used in section 2(14)(ii) of the Act only requires that the things should be such which are held for personal use and, in that context, in our opinion, question of law does arise. The application is, therefore, allowed and it is directed that the Tribunal should state the case for answering the question quoted in para.1 of this order. In the circumstances of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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