TaxTMI 
TaxTMI 
1983 (3) TMI 111
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....ia, . Shri R.H. Dalmia, 1,98,511.46 Utensils being articles of personal effects any profit on its sale is exempt from tax, hence not included above." 2. The ITO also considered the assessee's letter dt.5th Feb., 1979in this regard. According to the assessee the silver utensils had been acquired by him some 20-25 years earlier. However, there was no evidence for the exact date of acquisition for the above assets. The ITO presumed that the assessee must have been is possession of the items in any case prior to the commencement of the accounting year and looking to the financial and social statute of the assessee he decided to look upon them as long term assets for the purpose of capital gains. 3. The ITO then considered whether any capi....
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....the controversy as under: "The appellant owned and possessed a number of silver utensils and other articles made of silver. A complete list has been furnished by the appellant giving description and weight of each item. The list is in two parts. One list contains utensils such as Thali, Katori, Lota, etc. meant for personal use of the appellant. The total weight of items in this list is 180 kg. and 465 gms., the other list is a mixed one which contains items meant for puja. These articles weighted 24 kg. and 200 gms." Before the CIT(A) it was stated for the assessee that the entire lot of articles of the weight 180.465 was sold by the assessee to the joint families of his seven sons in equal proportions. Reliance was also placed on the de....
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..... For the assessee Shri Hari Har Lal ld. counsel in list in Annexure B1 and submitted that the CIT(A)'s decision was correct on facts. He also invited attention to the order of the Tribunal in ITA No. 4607 (Del)/1981 in the case of Sanjay Dalmia for the asst. yr. 1976-77. There also the question before the Tribunal was whether any capital gains could be assessed on the sale of silver utensils of the weight of 15.88 kg. The assessee's claim was that such utensils represented personal effects. The Tribunal noted that the utensils comprised one thali set 6 thlies, 6 big katories, 24 small katories and 6 glasses. In the Tribunal's view such utensils were of actual use and hence would be personal effects. Reliance was placed on this order of the....
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....m Hari Bros. Private Ltd. respectively. He appellant's counsel Shri M.L. Dojari,C.A.has invited my attention to that ITAT Delhi Bench 'D' order in ITA No. 1683(Del)/1973-74 dt.4th Oct., 1975for the asst. yr. 1971-72. An identical issue had been decided by the Tribunal vide their aforesaid order wherein an identical disallowance of Rs. 900 was deleted. Following this order of the Tribunal, I direct deletion of Rs. 900 objected to by the appellant in the present appeal." While Shri Rao supported the order the ITO Shri Hari Har Lal referred to the fact that the CIT(A) has merely followed an earlier order of the Tribunal on an identical issue. After hearing the parties we would follow with respect to the prior order of the Tribunal referred to....