https://www.taxtmi.com/caselaws?id=68429 The ITAT Jodhpur upheld the CIT(A) decision, ruling that only 1/3rd of the prize money from a lottery winning was assessable in the hands of the assessee. The tribunal found that the evidence provided by the co-owners and the broker supported the claim that the prize money was jointly owned and utilized accordingly. The ITAT emphasized that the AO's reliance on contradictions in statements was insufficient to disregard the evidence presented. The decision aligned with a precedent from the Tribunal, confirming the CIT(A) order and dismissing the Revenue's appeal. en-us Tue, 14 Sep 2004 00:00:00 +0530 Tue, 29 Mar 2011 18:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68429 The ITAT Jodhpur upheld the CIT(A) decision, ruling that only 1/3rd of the prize money from a lottery winning was assessable in the hands of the assessee. The tribunal found that the evidence provided by the co-owners and the broker supported the claim that the prize money was jointly owned and utilized accordingly. The ITAT emphasized that the AO's reliance on contradictions in statements was insufficient to disregard the evidence presented. The decision aligned with a precedent from the Tribunal, confirming the CIT(A) order and dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 14 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68429