1985 (10) TMI 130

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..... the previous year relevant to the assessment 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 .....

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..... ld for personal use by the assessee and members 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 c .....

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..... 8 (Bom). 4. We have carefully examined the 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 .....

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