1976 (5) TMI 55

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....tal gains on the sale of loose diamonds held by the assessee liable to tax. 2. During the accounting year ending with 31st march, 1972 relevant for the asst. yr. 1972-73 the assessee had sold loose diamonds of the value of Rs. 40,000 held by her for her personal use to her daughter Smt. Arit Goenka. The fair market value of the same as on 1st Jan., 1954 was estimated at Rs. 12,000 in the absenc....

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.... the identical question. He further submitted that the loose diamonds held by the assessee was given to her daughter for her personal use and that the same was not held by her as a business investment. On behalf of the Revenue reliance was placed on the orders of the lower authorities. 4. We have carefully considered the rival submissions. The Tribunal, Madras Bench 'A' in WTA Nos. 136 to 138 (....

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....al effects. That is to say, movable property (including wearing apparel and furniture, but excluding jewellery) held for personal use by the assessee or any member of his family dependent on him. In view of our finding that the loose diamonds were held by the assessee for her personal use, the same do not constitute capital asset and consequently no levy of capital gains tax can be made on the sal....