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tax on gold coin given by company

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27 February 2010 A 15 gm gold coin/medallion worth Rs.14300/- was given to all employees by my public sector company to commemorate its golden jubilee. It is not shown in IT return & no TDS deducted by company. I have received a notice from IT dept. saying that this income has escaped from assessment within the meaning of section 147 of IT Act,1961.
May pl.advice.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
27 February 2010 any gift value more then Rs. 5000/- is taxable, because of that Rs. 9,300/- is taxable in my opinion.
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