Rajasthan High Court: Sale of Jewellery by Hindu Undivided Family Not Business Profit

The High Court of Rajasthan upheld the Tribunal's decision that the gain from the sale of jewellery by a Hindu undivided family was not assessable as business profit since the jewellery was treated as a capital asset, not stock-in-trade.

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The High Court of Rajasthan ruled that the gain from the sale of jewellery by an assessee Hindu undivided family was not assessable as business profit. The Tribunal found that the item sold was treated as a capital asset, not stock-in-trade, as the assessee was not in the business of jewellery. The court upheld the Tribunal's decision in favor of the assessee.

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