TaxTMI 
TaxTMI 
1985 (4) TMI 48
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....ns of the Income-tax Act, 1961. The petitioner is also an assessee under the provisions of the Wealth-tax Act, 1957. For the assessment year 1977-78, the petitioner declared an income of Rs. 43,530. The petitioner owned, inter alia, certain silver utensils which he claimed to be his personal effects. These utensils consisted of 18 plates (thalis), 54 katoris, 12 glasses and 1 jug. According to th....
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....utensils would be subject to capital gains tax. Being aggrieved by this order, the petitioner preferred a revision petition under section 264 of the Income-tax Act before the Commissioner, the 1st respondent herein. The Commissioner by his order dated August 12, 1980, held that these articles cannot be considered as personal effects " as they were not in use ordinarily and normally by the assesse....
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....rel and furniture, but excluding jewellery) held for personal use by the assessee or any member of his family dependent on him. The petitioner submits that these silver utensils were held by him for personal use of himself and members of his family dependent on him. The silver utensils were such as were required for their personal use. The petitioner as well as members of his family were all asses....
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....e. The respondents, however, placed emphasis on the observations of the Supreme Court in the case of H. H. Maharaja Rana Hemant Singhji v. CIT[1976] 103 ITR 61. In that case, the Supreme Court was required to consider old silver rupee coins, gold sovereigns and silver bars which were used by the assessee on religious festivals. The Supreme Court observed that the silver bars or bullion can, by no....