COMMISSIONER OF INCOME TAX Vs. BIJOY KUMAR PANDYA

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Guwahati Bench, Guwahati, has referred the following question to the High Court under Section 256(1) of the Income-tax Act, 1961 (for short "the Act") :

(2.) THE assessee preferred an appeal before the Appellate Assistant Commissioner of Income-tax, Guwahati Range, Guwahati. THE appellate authority held that there was no conclusive proof that the silver utensils were not used as personal effects as and when occasion arises or that they were merely kept as decorative pieces and held that the sale proceeds or any part thereof cannot be treated as capital assets for the purpose of computing the assessable income of the assessee.

(3.) THE relevant portions of Section 2(14) of the Act, read thus-