1981 (11) TMI 75

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.... in law in rejecting the appellant's claim that the silver utensils represented personal effects and did not represent capital assets within the meaning of s. 2(14) of the IT Act and as such holding that the sale of these silver utensils resulted in taxable capital gain to the appellant". I have considered the relevant facts and circumstances, the material on record and the rival submissions. 2....

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....weighing about 10 Kgms. They were sold for Rs. 13,452,45 but in the voluntary disclosure made earlier by the assessee and accepted by the department it is stated that they had been purchased at is stated that they had been purchased at about Rs. 340 per Kg. The accounts of the assessee show that his capital was well over Rs. 3 lakhs and it is stated that the assessee and his other members of the f....