1985 (6) TMI 8

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..... No. 92 of 1984 have been filed by the petitioner-assessees under section 256(2) of the Income-tax Act for direction to the Income-tax Appellate Tribunal to make a reference in respect of the following question : " Whether, on the facts and circumstances of the case and tile material on record, there is justification in law for the Tribunal to hold that the silver utensils were not personal ef....

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....d silver utensils and allowing statutory deduction under section 80T to the tune of Rs. 26,015, the income was determined on account of capital gain at Rs. 31,522. It is alleged that aggrieved by this order, an appeal was preferred before the Appellate Assistant Commissioner who confirmed the order of the Income-tax Officer and against that order, an appeal was preferred before the Income-tax A....

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....ction 2(14)(ii) of the Act, what is to be found only is whether these things are held for personal use of the assessee or of any member of the family. In this context, it is contended that the question of law that arises is as to whether silver utensils which, by their very nature, indicate that they are meant for personal use, could be said to fall within the ambit of section 2(14)(ii) of the ....

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....s answered against the assessee. But, it was contended by the learned counsel that the true test that can be applied is what has been indicated in the language of section 2(14)(ii) of the Act, i.e., " held for personal use by the assessee ". It was also contended that in the judgment of the Supreme Court on which reliance is placed by the Tribunal, their Lordships held that coins made of silver or....