TMI Blog1985 (10) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... year under consideration 1978-79 the assessee sold 28.2 Kg of silver utensils to M/s. Shyam Co., Calcutta and 49.550 Kg of silver utensils to M/s Bijoy Co., Calcutta at Rs. 94,039. These silver utensils were acquired by the assessee after his marriage more than 20 year back. Exercising the option under s. 50(2) of the IT Act (hereinafter referred to as the Act) he valued the cost of this asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of his family. This contention was seriously opposed by the authorised representative for the assessee who contended that form the detailed list of the utensils sold it can be seen that these were capable of being used as utensils because these constituted a complete dinner set. He further contended that the number of each item of utensils are also compatible with the assessee s claim of its b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision relied upon by the authorised representatives for the parties and also the materials on record, facts and circumstance of the case. On such consideration we are of the opinion that the AAC was correct in coming to the conclusion that the silver utensils were personal effects hold for personal use of assessee and members of his family and as such did not constitute capital assets as defin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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