https://www.taxtmi.com/caselaws?id=61945 The Tribunal upheld the decision that lottery winnings of Rs. 46,000 received by the assessee, a licensed lottery agent, before the amendment date were not taxable under the amended provisions of the Income-tax Act for the assessment year 1973-74. The Appellate Assistant Commissioner's ruling was affirmed, emphasizing that the income arose when the lottery was drawn, not when the payment was received, and that retrospective application of the Finance Act, 1972, to tax winnings received in April 1972 would contravene legislative intent. The revenue's appeal was dismissed. en-us Fri, 16 Jan 1981 00:00:00 +0530 Sun, 06 Feb 2011 03:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61945 The Tribunal upheld the decision that lottery winnings of Rs. 46,000 received by the assessee, a licensed lottery agent, before the amendment date were not taxable under the amended provisions of the Income-tax Act for the assessment year 1973-74. The Appellate Assistant Commissioner's ruling was affirmed, emphasizing that the income arose when the lottery was drawn, not when the payment was received, and that retrospective application of the Finance Act, 1972, to tax winnings received in April 1972 would contravene legislative intent. The revenue's appeal was dismissed. Case-Laws Income Tax Fri, 16 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61945