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TMI Blog1979 (11) TMI 132X X X X Extracts X X X X X X X X Extracts X X X X ..... this year, return was filed declaring an income of Rs. 19,300. The assessee had sold silver utensils and silver coins. She had disclosed capital gains on the sale of silver coins. The assessee did not disclose any capital gains on the sale of silver utensils. According to the assessee, the silver utensils were her personal assets, and as such, they were not capital asset. So, according to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effects, and were being used for personal purposes of the assessee. It was also stated that the assessee is prepared to state those facts on oath. It was further contended that the assessee is a well-to-do lady and is a wealth-tax assessee. In such a family, such silver utensils are used daily. Thus it was stated that the silver utensils could not be called capital assets within the meaning of s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the provisions of WT Act cannot be imported in the present proceedings. Thus, the ld. AAC deleted the addition. 5. Before the Tribunal, the contention of the ld. Deptl. Rep. was that there was no convincing evidence on record to show that the silver utensils were really the personal effects of the assessee. The assessee produced no convincing evidence to show that such utensils were in daily ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record, it is clear that the silver utensils in question were personal effects of the assessee, and they were also in daily use of the assessee. The assessee belongs to a well-to-do family. In such a family, daily use of the silver utensils cannot be ruled out. So, even the preponderance of probabilities are in favour of holding that the silver utensils in question were really the personal eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver utensils in the present case, are personal effects of the assessee, and they were used by the assessee daily. So, the silver utensils in the present case are excluded from the definition of the capital asset, as mentioned in s. 2(14) of the Act. When the utensils in question are not capital assets, the question of any capital gain, on their sale, will not arise. So, the ld. AAC was perfectly j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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