Case Law Details
Brief about the case
The appellant was Editor-in-Chief of the English Magazine ‘India Today’. During the year under consideration, the assessee received a sum of Rs. 1 Lac as “B.D. Goenka Award” instituted by B.D. Goenka Foundation, an independent entity, for excellence in Journalism which he claimed to be exempted from tax. A.O. disallowed the claimed and treated it as taxable income. Order of CIT(A) confirming assessee view point was set aside by the Income Tax Appellate on the appeal made by the revenue in this behalf. Assessee filed appeal before Hon’ble High court on the following question of law:-
Question of Law
“1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the receipt of Rs. 1 lakh by the appellant as an award given to him by B. D. Goenka Foundation for his excellence in journalism was in the nature of income liable to tax in the hands of the assessee.
2. Whether on the facts and in the circumstances of the case the ITAT was right in holding that the receipt of the amount of Rs.1 lakh by way of an award from B. D. Goenka Foundation was taxable as assessee’s income as the said institution was not covered by section 10(17A) of the I.T. Act.”
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Dear Authors,
It is very thankful to publish the article.One more thing is requested that please post the order in PDF which is easy to download as done earlier.It is easy than reach the website link.
Thank you once again.
Yours
P.R.Rajendran B.com.MBA(Finance)