https://www.taxtmi.com/caselaws?id=68628 The Tribunal held that the prize received by the assessee under a small savings scheme via a free gift coupon was not taxable as a lottery. Emphasizing that the assessee did not pay to participate and received the prize as an incentive for savings, the Tribunal excluded the car price from the total income. The Explanation in the IT Act, broadening 'lottery,' was deemed inapplicable retrospectively. The decision favored the assessee, ruling the prize non-taxable as a lottery for the relevant assessment year. en-us Mon, 26 Sep 2005 00:00:00 +0530 Fri, 20 Jan 2012 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68628 The Tribunal held that the prize received by the assessee under a small savings scheme via a free gift coupon was not taxable as a lottery. Emphasizing that the assessee did not pay to participate and received the prize as an incentive for savings, the Tribunal excluded the car price from the total income. The Explanation in the IT Act, broadening 'lottery,' was deemed inapplicable retrospectively. The decision favored the assessee, ruling the prize non-taxable as a lottery for the relevant assessment year. Case-Laws Income Tax Mon, 26 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68628