1985 (7) TMI 66

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....ing question has been referred for our opinion by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (" the Tribunal " herein) : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that gold ornaments and jewellery became capital asset only from April 1, 1973, and not prior to it and, therefore, there was no capital ga....

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....set " with effect from April 1, 1973, in accordance with the Finance Act, 1972. By his order dated January 29, 1976, the Income-tax Officer worked out the capital gains at Rs. 13,560. The assessment was completed at Rs. 78,702. An appeal was preferred and the Appellate Assistant Commissioner took the view, after consideration of contentions raised on behalf of the assessee, that the gold orname....

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.... of gold ornaments and jewellery was right. For the present purpose, we shall accept the finding that the sale of gold ornaments took place prior to April 1, 1973, which is essentially a finding of fact and being based on consideration of the relevant material and as such cannot be assailed by the Revenue. The sale of the gold ornaments and jewellery had taken place from March 29, 1972, to March 3....

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...., 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. Explanation.-For the purposes of this sub-clause, 'jewellery' includes (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not cont....