1995 (8) TMI 45

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ber 13, 1976, made by this court under section 256(2) of the Income-tax Act, 1961, in Income-tax Applications Nos. 2 and 3 of 1976, the Income-tax Appellate Tribunal, Allahabad, has referred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the profits of Rs. 17,228 and Rs. 39,249 realised by the assessee-Hindu undivided family on....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee's business as a jeweller, but the ornaments were the private assets of the family and, therefore, the profit arising from the same was not of the nature of income. The Income-tax Appellate Tribunal, in a detailed judgment, came to the conclusion that the ornaments that were sold were not held by the assessee as its stock-in-trade and the sale thereof was not a part of its business transactions....