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TMI Blog1981 (1) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... aking cost of the loose Diamonds at Rs. 4,000 as declared in the Voluntary Disclosure Scheme at item No. 29 at Rs. 4,000, the assessee returned a sum of Rs. 10,108.75 as long term capital gain, subject to deduction under s. 80T of the Act. 3. Though there is no dispute about the value of the loose Diamonds sold and their cost of the assessee, the ITO negatived the claim of the assessee that the said capital gain was a long-term capital gain, as according to him, the claim of the assessee in that behalf was not established. 4. Aggrieved by the said order of the ITO, the assessee brought the matter by way of appeal before the CIT (A)-II, Kanpur. The assessee, as desired by the CIT(A), filed an Affidavit. According to the case of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee-HUF filed by the assessee before the CIT (Appeals). On the basis of the statement made therein, it was urged that the years 1966-67 to 1970-71 referred to against item No. 2 in para 3 of that affidavit r/w para 2(2) thereof, are the assessment years and not the accounting years, as wrongly assumed by the CIT(Appeals). That being the position, the assessee-HUF had, on the facts as disclosed in the said affidavit, held the said jewellery for more than 60 months immediately preceding the date of their transfer. As such, the capital gain, in the present case was a long term and not a short term capital gain, as held by the tax authorities. These arguments of the assessee are controverted by the Deptl. Rep., who has relied on the orders of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d likewise. Reading the affidavit as a whole together that the disclosure made by the assessee under the Voluntary Disclosure Scheme, 1975, we are of the opinion that these items of evidence constitutes sufficient evidence to hold that the assessee had acquired the jewellery and ornaments including loose Diamonds disclosed in its disclosure of income under the Voluntary Disclosure Scheme, 1975 during the accounting periods relevant to the asst. yrs. 1966-67 to 1970-71. 7. This takes us to s. 2(42A) of the Act, which defines "shorts term capital asset to mean" a capital asset held by an assessee for the more than 60 months immediately preceding the date of its transfer. As already stated above the assessee-HUF had sold the Diamonds in que ..... X X X X Extracts X X X X X X X X Extracts X X X X
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