Page 21 - Banking Finance September 2022

LEGAL UPDATE

Legal

CJI: People still believe unsavoury campaigns against judges M/s. Lifestyle Housing. A search and
and telecast agenda-driven debates, seizure operation was conducted in the
what newspapers print as
and said that both were detrimental group cases of M/s. Yugandhar Hous-
true to the health of democracy in India. ing Private Limited and others, includ-
He had said justice delivery was be- ing the residence of Sri M. Maheswara
Three days after advising electronic,
coming challenging with each passing Reddy, Managing Director of M/s.
digital and social media to self-regulate
day. Yugandhar Housing Pvt. Ltd.
or face external regulation, CJI N V
Ramana said independent journalism is The assessee is the wife of Sri M.
a must for vibrant democracy as people Mother living with married Maheswara Reddy. A notice was
have a lot of faith in what is printed in served on the assessee. In response,
daughter is a family mem-
newspapers. the assessee filed a return of income.
ber The assessee accepted the income
Justice Ramana said, "Independent
The Visakhapatnam bench of the In- filed by her in response to the notice.
journalism is the backbone of democ-
come Tax Appellate Tribunal (ITAT)has Subsequently, notice was issued and
racy. Journos are the eyes and the ears
deleted the addition of excess gold served on the assessee. During the
of the people. It is the responsibility of
belonging to the mother of the asses- course of assessment proceedings, the
media houses to present facts. Espe-
see, who is staying with the assessee AO assessed the income of the asses-
cially in the Indian social scenario,
as the only daughter, and considered see, including an amount of Rs.
people still believe that whatever is
it to belong to the family members of 7,94,372, being the value of gold
printed is true. All I want to say is that
the assessee. jewellery weighing 284.600 grams
the media must confine itself to hon-
est journalism without using it as a tool The two-member bench of Duvvuru which is found in excess after consid-
to expand its influence and business R.L. Reddy (Judicial Member) and ering the eligible exemption as per
interests." S.Balakrishnan (Accountant Member) CBDT Instruction No.1916, dated 11/
05/1994. The AO assessed the excess
He said when a media house has other has held that in the case of a person
gold jewellery under Section 69A. The
business interests, it becomes vulner- who is not assessed for wealth tax,
assessee preferred an appeal before
able to external pressures. "Often, the gold jewellery and ornaments to the
the CIT(A).
business interests prevail over the spirit extent of 500 gramsper a married lady,
of independent journalism. As a result, 250 grams per an unmarried lady, and The CIT(A) observed that none at-
democracy gets compromised," he 100 grams per male member of the tended the hearing during the appel-
said. family should not be seized. late proceedings in spite of several
opportunities and dismissed the appeal
In contrast, in Ranchi, the CJI unchar- The appellant/assessee is an individual
of the assessee.
acteristically had warned electronic who derives income from business and
media to desist from holding trials and remuneration from a partnership firm, The assessee contended that the gold

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