The key points covered in the summary are: The assessee claimed...

The key points covered in the summary are: The assessee claimed tax deducted at source (TDS) on prize winnings from unsold lottery tickets as business income and set off various expenses, including the cost of tickets, against the winnings. The income tax department contested this treatment. The Tribunal held that losses from lotteries can be set off against income from lotteries after the Finance Act, 1986 removed the earlier restriction. The winnings on unsold tickets were realized during the course of the lottery ticket distribution business and constituted business income. The Tribunal distinguished the case from CIT vs. Dr. M.A.M. Ramaswamy, where the issue was different. The Tribunal concurred with its own earlier order in the assessee's case for the previous year, which had elaborately dealt with the applicable facts and case laws. As no distinguishing feature was shown and no higher authority had reversed the earlier order, the Tribunal dismissed the revenue department's appeal, following its previous decision.