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of <h1>Horse Racing Trophies Now Taxable as Income: New Clarification on Section 2(24) and 10(3) of Income-tax Act 1961.</h1> The circular addresses the taxability of trophies awarded to owners of winning horses, which had previously been overlooked by Income-tax Officers. It clarifies that amendments to the definition of 'income' under section 2(24) and section 10(3) of the Income-tax Act, 1961, effective from April 1, 1973, now require these trophies to be taxed. For valuation purposes, Income-tax Officers should rely on the advertised values provided by Race Course Authorities instead of conducting independent valuations.
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