https://www.taxtmi.com/caselaws?id=206868 The High Court of Kerala ruled that lottery prize money received by the respondent-assessee should be classified under the special provisions of Section 115BB of the Income-tax Act, subject to a 30% tax rate, regardless of whether it is considered business income. The Court held that lottery winnings do not constitute income from business activities and must be taxed accordingly. The Court allowed the appeals, overturning the Tribunal's decision and reinstating the assessment in favor of applying the special tax rate for the lottery winnings. en-us Wed, 08 Sep 2010 00:00:00 +0530 Mon, 26 Mar 2012 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206868 The High Court of Kerala ruled that lottery prize money received by the respondent-assessee should be classified under the special provisions of Section 115BB of the Income-tax Act, subject to a 30% tax rate, regardless of whether it is considered business income. The Court held that lottery winnings do not constitute income from business activities and must be taxed accordingly. The Court allowed the appeals, overturning the Tribunal's decision and reinstating the assessment in favor of applying the special tax rate for the lottery winnings. Case-Laws Income Tax Wed, 08 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206868