https://www.taxtmi.com/caselaws?id=11109 The court upheld that the prize of Rs. 30,000 for caption writing was taxable income under section 2(24)(ix) of the Income-tax Act, 1961. The court rejected the argument that the receipt was casual and non-recurring, emphasizing it was a contractual payment, not a windfall. The court found the payment was based on skill and effort, making it taxable income. The court ruled in favor of the Department, denying tax exemption to the assessee and affirming the Tribunal's decision. en-us Mon, 08 Mar 2004 00:00:00 +0530 Fri, 31 Jul 2009 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11109 The court upheld that the prize of Rs. 30,000 for caption writing was taxable income under section 2(24)(ix) of the Income-tax Act, 1961. The court rejected the argument that the receipt was casual and non-recurring, emphasizing it was a contractual payment, not a windfall. The court found the payment was based on skill and effort, making it taxable income. The court ruled in favor of the Department, denying tax exemption to the assessee and affirming the Tribunal's decision. Case-Laws Income Tax Mon, 08 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11109