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2014 (4) TMI 155 - ITAT MUMBAISale proceeds of inherited articrafts and Jewellry – personal effects - Capital gain OR income from other sources - Held that:- The assessee had sold some decorative vases and display plates, etc., which do not come within the purview of “capital assets” as defined in section 2(14)(ii) - the assessee had submitted the valuation report of household artifacts and furnitures wherein such decorative vases and display plates have been mentioned - it is not a capital asset and these are only household decorative items which are mentioned in the valuation report dated 8th January 1975 – thus, there is no reason to sustain the addition on account of sale proceeds of artifacts, under the head “income from other sources”. Sale of jewellery – Held that:- There is no rebuttle of the findings of the AO and the CIT(A) that the assessee could not produce any corroborative evidence to show that the assessee has initiated the same jewellery from her late father, as shown in the valuation report dated 7th June 1972 - The onus is upon the assessee to show nexus of the inheritance of the jewellery and the sale of jewellery in this year - The explanation offered by the assessee, has not been found to be satisfactory and is not corroborated by any credible evidence on record. Once the assessee has sold the ornaments in this year, the onus was on the assessee to prove that it has been acquired either by way of inheritance or by her in the earlier years - provisions of section 69A, clinches the issue and it has to be treated as deemed income of the assessee, if there is no satisfactory explanation with regard to the source of acquisition – Decided partly in favour of Assessee.
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