https://www.taxtmi.com/caselaws?id=17660 The High Court ruled in favor of the assessee on the interpretation of exemption under section 11 of the Income-tax Act, emphasizing that once earned, exemption should not be lost lightly. Regarding income from lottery draws, the court upheld the Tribunal's decision that it was not the business income of the trust for the assessment year. The timing and treatment of income received by the trust were also in favor of the trust, with the court agreeing that the income from the lottery draws was received in a previous year and should not be considered for the current assessment year. en-us Fri, 26 Jul 1996 00:00:00 +0530 Thu, 24 Sep 2009 10:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17660 The High Court ruled in favor of the assessee on the interpretation of exemption under section 11 of the Income-tax Act, emphasizing that once earned, exemption should not be lost lightly. Regarding income from lottery draws, the court upheld the Tribunal's decision that it was not the business income of the trust for the assessment year. The timing and treatment of income received by the trust were also in favor of the trust, with the court agreeing that the income from the lottery draws was received in a previous year and should not be considered for the current assessment year. Case-Laws Income Tax Fri, 26 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17660