1985 (4) TMI 48

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ensils consisted of 18 plates (thalis), 54 katoris, 12 glasses and 1 jug. According to the petitioner, these utensils were meant for personal use of the petitioner and the members of his family. The utensils were sold in the course of the relevant previous year for a total consideration of Rs. 81,119. These utensils had been purchased (luring the years 1958-60. The cost of these utensils was about Rs. 14,813. On the sale of these utensils, therefore, the petitioner made net gain of Rs. 66,306. In his return for the assessment year 1977-78, in Part III, the petitioner showed the net surplus of Rs. 66,306 as non-taxable capital gain on the basis of the provisions of section 2(14) of the Income-tax Act, 1961. The Income-tax Officer, however....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... these silver utensils were held by him for personal use of himself and members of his family dependent on him. The silver utensils were such as were required for their personal use. The petitioner as well as members of his family were all assessees not merely under the Income-tax Act but also under the Wealth-tax Act, 1957. He submitted that he belonged to a wealthy family and such silver utensils were used personally by the members of his family and himself. In the case of CIT v. Sitadevi N. Poddar [1984] 148 ITR 506, a Division Bench of this court (of which I was a member) was required to consider a similar question in a somewhat different context. In that case, the assessee had sold certain silver utensils. The court held that such u....