https://www.taxtmi.com/caselaws?id=760145 The ITAT Chennai dismissed the revenue's appeal regarding taxation of lottery winnings from unsold tickets. The AO had applied Sec. 115BB with Sec. 58(4) to tax such winnings at 30% without allowing expenditure deductions. The Tribunal followed the Mumbai Tribunal's decision in Pooja Marketing case, which ruled in favor of the assessee on similar facts. The revenue failed to demonstrate any distinguishing features or show that the precedent had been overturned by higher courts. The Tribunal found no grounds to deviate from the established precedent and decided the issue in the assessee's favor. en-us Wed, 09 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760145 The ITAT Chennai dismissed the revenue's appeal regarding taxation of lottery winnings from unsold tickets. The AO had applied Sec. 115BB with Sec. 58(4) to tax such winnings at 30% without allowing expenditure deductions. The Tribunal followed the Mumbai Tribunal's decision in Pooja Marketing case, which ruled in favor of the assessee on similar facts. The revenue failed to demonstrate any distinguishing features or show that the precedent had been overturned by higher courts. The Tribunal found no grounds to deviate from the established precedent and decided the issue in the assessee's favor. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760145