BABU LAL KEDIA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE dispute relates to the assessment year 1956 -57, and is confined to the question whether the profits accruing on the sale of two patlas of gold were assessable to tax.

(2.) IT appears that the appellant was the member of a joint Hindu family which underwent a partial partition on 7th June, 1943. On partition the appellant received seven patlas of gold as part of his share in the joint family assets. In the previous year relevant to the assessment year 1956 -57, the appellant sold two patlas of gold. He had after the partition entered the price of these two patlas of gold at Rs. 24,514. They were sold for Rs. 46,250. The Income -tax Officer brought the surplus of Rs. 21,736 to tax on the finding that the gold represented the stock -in -trade of the appellant. The appellant filed an appeal. The only point raised before the Appellate Assistant Commissioner was that the surplus receipts were not liable to tax, because they had not constituted revenue receipts, but were capital gains.

(3.) IN the present case, the Appellate Assistant Commissioner repelled the appellant's submission on the basis of the findings given by the Income -tax Appellate Tribunal for the assessment year 1947 -48. Aggrieved, the appellant filed a revision before the Commissioner of Income -tax under Section 33A(2) of the Indian Income -tax Act, 1922. The revision was dismissed. Aggrieved, the appellant filed a writ petition before the Tribunal which also failed. Hence, the present appeal.