https://www.taxtmi.com/caselaws?id=390407 The court held that the notice issued under Section 148 of the Income Tax Act was valid and within the prescribed period of limitation. The first substantial question of law was decided in favor of the Revenue. Regarding the taxability of the amount received under a family settlement, the court determined that the settlement did not qualify as a bona fide family settlement, and the amount received was taxable as capital gains. The second substantial question of law was also decided in favor of the Revenue. The appeal was dismissed without costs. en-us Fri, 08 Nov 2019 00:00:00 +0530 Tue, 07 Jan 2020 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390407 The court held that the notice issued under Section 148 of the Income Tax Act was valid and within the prescribed period of limitation. The first substantial question of law was decided in favor of the Revenue. Regarding the taxability of the amount received under a family settlement, the court determined that the settlement did not qualify as a bona fide family settlement, and the amount received was taxable as capital gains. The second substantial question of law was also decided in favor of the Revenue. The appeal was dismissed without costs. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390407