Daily Archives: October 20, 2015

No tax on amount received on family settlement

Facts of the case :- Assessee received certain sum from his brother’s wife, ‘N’ .Assessee claimed said sum to be exempt under section 56(2)(v) . In her statement, ‘N’ stated that she gave impugned amount to assessee because of family settlement deed arrived at among family members . Issue :- Assessing Officer added impugned amount… Read More »

Reasons recorded to be supplied for income which escaped assessment

Whether it is absolutely necessary that reasons recorded for formation of belief that income of assessee has escaped assessment, are supplied to assessee so that he may be in position to question legality of re-assessment proceedings initiated on all available grounds ? Held, yes  Whether where Assessing Officer issued reassessment notice to assessee but reasons… Read More »

In case of fraud also recovery can not be made beyond 5 years of relevant date under section 11A

Period April, 2002 to January, 2003 Facts of the Case :- On ground of fraudulent procurement of inputs under bond without payment of duty claiming an Exemption Notification, Department issued notice dated 27-11-2009 . Issue :- Assessee argued that notice was time-barred, being beyond 5 years from relevant date  Tribunal held that department came to… Read More »