1983 (3) TMI 125

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....A) is whether the assessee contributed the stock in trade on 10th November, 1977 in the firm M/s Jus Gems towards his capital or the capital assets and whether any capital gain arises from such transfer. The case of the assessee is that he made a disclosure of his concealed income in the form of the precious stones under Voluntary Disclosure Scheme, 1975 and that part of the precious stones out of....

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.... and thus the case of the assessee was covered by the exclusionary cl. (i) of sub-s. (14) of s. 2 and no capital gain arose as such. So the short point is whether the disclosure of the precious stones made by the assessee related to the assessee's stock in trade and whether the assessee contributed the stock in trade towards capital on 10th November, 1977 in the firm M/s Jus Gems. The assessee has....

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....ssessee is that the stock so disclosed represented the assessee's stock in trade and that the same were contributed in the firm M/s Jus Gems in the instant year and in the last year. The argument of the revenue is that, what the assessee can contribute is the capital assets. We do not agree with the revenue. The assessee having carried on individual business of precious stones made the disclosure ....