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TMI Blog1985 (7) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal, Jaipur Bench, Jaipur (" the Tribunal " herein) : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that gold ornaments and jewellery became capital asset only from April 1, 1973, and not prior to it and, therefore, there was no capital gain to the assessee as result of sale of gold ornaments and jewell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce Act, 1972. By his order dated January 29, 1976, the Income-tax Officer worked out the capital gains at Rs. 13,560. The assessment was completed at Rs. 78,702. An appeal was preferred and the Appellate Assistant Commissioner took the view, after consideration of contentions raised on behalf of the assessee, that the gold ornaments were sold before the relevant amendment came into force from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, we shall accept the finding that the sale of gold ornaments took place prior to April 1, 1973, which is essentially a finding of fact and being based on consideration of the relevant material and as such cannot be assailed by the Revenue. The sale of the gold ornaments and jewellery had taken place from March 29, 1972, to March 31, 1972, as is borne out from the order of the Appellate Assistan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excluding jewellery) held for personal use by the assessee or any member of his family dependent on him. Explanation.-For the purposes of this sub-clause, 'jewellery' includes (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi precious stone, and whether or not wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital assets only from April 1, 1973, the finding of the Tribunal is right and justified, and so no capital gain to the assessee accrued as result of the sale of gold ornaments and jewellery during the previous year relevant to the assessment year 1973-74. The aforesaid question is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. There will be no order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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