The assessee claimed before the Tribunal that the heirloom jewellery companystituted personal effects of the assessee within the meaning of Section 2 14 of the Income Tax Act, 1961, and, therefore, the sale of this jewellery did number give rise to any taxable capital gains.
During the accounting year relating to the assessment year 1972 73, the assessee sold two items of heirloom jewellery for Rs.
This companytention was negatived by the Tribunal.
All the listed jewellery and gold in the Huzur Jawahirkhana at Indore in 1949 and used by the Ruler of Indore on ceremonial occasions as in the past, were exempt under the provisions of Section 5 1 xiv of the wealth Tax Act.
13,80,001/ .
These included a Sirpech and a Ceremonial belt.
V. Manohar, J. The assessee is the ex Ruler of the erstwhile Holkar State.
Mrs. Sujata.
Hence the present appeal.
The assessee was assessed as an individual and the assessment year involved is 1972 73.
In 1949, the Ministry of States, New Delhi had accepted certain heirloom jewellery as private properties of His late Highness Maharaja keshaw Rao Holkar of Indore.
