https://www.taxtmi.com/circulars?id=9002 Taxability of trophies presented to winning horse owners is governed by the amended definition of income and the consequential amendment to section 10(3), bringing such trophies within assessable income. For assessment, valuation should ordinarily follow the values advertised by the Race Course Authorities, with Income tax Officers guided by the advertised value rather than making independent valuations. en-us Tue, 13 Jul 1976 00:00:00 +0530 Wed, 01 Jun 2011 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9002 Taxability of trophies presented to winning horse owners is governed by the amended definition of income and the consequential amendment to section 10(3), bringing such trophies within assessable income. For assessment, valuation should ordinarily follow the values advertised by the Race Course Authorities, with Income tax Officers guided by the advertised value rather than making independent valuations. Circulars Income Tax Tue, 13 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9002