https://www.taxtmi.com/caselaws?id=211793 The court ruled in favor of the assessee, holding that the prize of 1Kg Gold was not taxable income under the Income-tax Act for Assessment Year 1996-97. The court emphasized that the prize did not constitute winnings from a lottery as it lacked the element of chance or risk associated with traditional lotteries, aligning with the assessee's position. The courts rejected the revenue's argument that the prize could be considered income, citing precedents and the specific characteristics of the investment scheme in question. en-us Sat, 25 Feb 2012 00:00:00 +0530 Mon, 26 Mar 2012 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211793 The court ruled in favor of the assessee, holding that the prize of 1Kg Gold was not taxable income under the Income-tax Act for Assessment Year 1996-97. The court emphasized that the prize did not constitute winnings from a lottery as it lacked the element of chance or risk associated with traditional lotteries, aligning with the assessee's position. The courts rejected the revenue's argument that the prize could be considered income, citing precedents and the specific characteristics of the investment scheme in question. Case-Laws Income Tax Sat, 25 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211793