https://www.taxtmi.com/caselaws?id=18887 The High Court upheld the Tribunal's decision that race winnings of Rs. 42,383 were not taxable for the assessment year 1973-74. The court emphasized that the assessee did not exercise the option to treat the period ending June 30, 1972, as the previous year for the race winnings. As the winnings were received before April 1, 1972, falling in the previous year relevant to the assessment year 1972-73 when such income was not taxable, the court ruled in favor of the assessee against the Revenue. en-us Tue, 04 Apr 1995 00:00:00 +0530 Mon, 02 Nov 2009 15:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18887 The High Court upheld the Tribunal's decision that race winnings of Rs. 42,383 were not taxable for the assessment year 1973-74. The court emphasized that the assessee did not exercise the option to treat the period ending June 30, 1972, as the previous year for the race winnings. As the winnings were received before April 1, 1972, falling in the previous year relevant to the assessment year 1972-73 when such income was not taxable, the court ruled in favor of the assessee against the Revenue. Case-Laws Income Tax Tue, 04 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18887