https://www.taxtmi.com/caselaws?id=18854 Surplus realised by a Hindu undivided family on sale of jewellery and ornaments to foreigners was held not assessable as income under the Income-tax Act, 1961 because the Tribunal's factual findings showed the items were not stock-in-trade, and the sales were neither in the course of business nor an adventure in the nature of trade. Those findings were not successfully challenged and could not be reappraised in advisory jurisdiction under section 256(2). On that basis, the surplus did not fall within the definition of income under section 2(24)(i). The question of capital gains under section 45 read with section 2(24)(vi) was not referred. en-us Thu, 31 Aug 1995 00:00:00 +0530 Mon, 02 Nov 2009 13:33:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18854 Surplus realised by a Hindu undivided family on sale of jewellery and ornaments to foreigners was held not assessable as income under the Income-tax Act, 1961 because the Tribunal's factual findings showed the items were not stock-in-trade, and the sales were neither in the course of business nor an adventure in the nature of trade. Those findings were not successfully challenged and could not be reappraised in advisory jurisdiction under section 256(2). On that basis, the surplus did not fall within the definition of income under section 2(24)(i). The question of capital gains under section 45 read with section 2(24)(vi) was not referred. Case-Laws Income Tax Thu, 31 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18854