https://www.taxtmi.com/caselaws?id=388011 The Tribunal held that the prize won by the assessee, consisting of 1 kg of gold, could not be considered as winnings from a lottery for the assessment year 2000-2001. The Tribunal found that the essential elements of a lottery were not present in the scheme under which the assessee received the prize, as there was no payment, risk of loss, or intention to participate in a lottery. Consequently, the prize could not be taxed under section 115BB of the Income Tax Act. The Tribunal reversed the decision of the CIT(A) and allowed the appeal filed by the assessee. en-us Wed, 07 Aug 2019 00:00:00 +0530 Wed, 06 Nov 2019 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388011 The Tribunal held that the prize won by the assessee, consisting of 1 kg of gold, could not be considered as winnings from a lottery for the assessment year 2000-2001. The Tribunal found that the essential elements of a lottery were not present in the scheme under which the assessee received the prize, as there was no payment, risk of loss, or intention to participate in a lottery. Consequently, the prize could not be taxed under section 115BB of the Income Tax Act. The Tribunal reversed the decision of the CIT(A) and allowed the appeal filed by the assessee. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388011