AROON PURIE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The present appeal under Section 260A of the Income Tax Act, 1961 ("Act" for short) has been filed by the assessee challenging the order dated 08.04.2002 in ITA No.531/Delhi/1995, whereby the Income Tax Appellate Tribunal ("Tribunal" for short) has set aside the order of the Commissioner of Income Tax (Appeals) and affirmed the finding of the assessing officer that Rs.1 lakh received by the assessee from B. D. Goenka Foundation is income so as to be taxable. The year of assessment with which we are concerned in this appeal is 1991-92.

(2.) The following substantial questions of law fall for our consideration in this appeal:-

(3.) The brief facts are that the appellant at the relevant time was Editor in Chief of the English magazine i.e. India Today. According to him, he derived income from salary, interest, dividend and property. He filed return for the previous year relevant to the assessment year 1991-92 declaring an income of Rs.5,47,190/-. The return was accompanied by financial statement of accounts. From the assessment order it is observed that while perusing the details given in the return, the Assessing Officer noted, the assessee had claimed an exemption for sum of Rs.1 lakh received by him as B. D. Goenka Award for excellence in Journalism.