https://www.taxtmi.com/caselaws?id=57858 Prize money from a Premium Savings Bond standing in the assessee's name and marked non-transferable was not treated as a separate valid gift; the amount was viewed as an accretion to the bond itself and therefore taxable in the assessee's hands. The note also states that prize winnings obtained by chance through a draw fall within the scope of lottery winnings under section 115BB of the Income-tax Act, 1961, so the receipt is assessable on that basis. The assessee's receipt of the bond prize was accordingly treated as taxable rather than exempt. en-us Wed, 19 Jan 1994 00:00:00 +0530 Wed, 15 Dec 2010 10:25:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57858 Prize money from a Premium Savings Bond standing in the assessee's name and marked non-transferable was not treated as a separate valid gift; the amount was viewed as an accretion to the bond itself and therefore taxable in the assessee's hands. The note also states that prize winnings obtained by chance through a draw fall within the scope of lottery winnings under section 115BB of the Income-tax Act, 1961, so the receipt is assessable on that basis. The assessee's receipt of the bond prize was accordingly treated as taxable rather than exempt. Case-Laws Income Tax Wed, 19 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57858