https://www.taxtmi.com/caselaws?id=374533 The ITAT upheld the validity of reopening the assessment, determining that there was a "live link" between the information received and the income escapement. The tribunal also confirmed the taxability of the arbitration award amount as "income from other sources," rejecting the assessee's claim. Additionally, the ITAT dismissed the assessee's alternative claim regarding a family settlement, stating that the amount received could not be considered as part of a family arrangement. The ITAT concluded that the issues raised did not warrant rectification under section 254(2) as they were attempts to seek a review of the order, which is impermissible by law. en-us Wed, 23 Jan 2019 00:00:00 +0530 Mon, 04 Feb 2019 07:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374533 The ITAT upheld the validity of reopening the assessment, determining that there was a "live link" between the information received and the income escapement. The tribunal also confirmed the taxability of the arbitration award amount as "income from other sources," rejecting the assessee's claim. Additionally, the ITAT dismissed the assessee's alternative claim regarding a family settlement, stating that the amount received could not be considered as part of a family arrangement. The ITAT concluded that the issues raised did not warrant rectification under section 254(2) as they were attempts to seek a review of the order, which is impermissible by law. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374533