TMI Blog1981 (11) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... rsonal 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. The short question is whether the utensils in question were held for personal us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losure 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 family also were liable to pay wealth tax. In this situation it is acceptable that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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