2005 (9) TMI 265

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....m small saving gift scheme of Government. The real crux of the matter is that the assessee himself had shown this car as a taxable receipt in the return of income for asst. yr. 2000-01, wherein he had declared income from his profession at Rs. 59,000 and the price of the car at Rs. 1,72,380. While applying for rectification under s. 154, the assessee had clarified that by mistake and under wrong guidance, he had shown this receipt as taxable. He had deducted only Rs. 5,000 from the price of the car as per s. 10(3) of the IT Act and declared the rest. But later on, he came to know that a car received under the free gift coupon scheme of the Government is not a taxable receipt, as a lottery, under s. 2(24)(ix) of the Act. But the learned AO r....

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....0 of the additional director, Alp Bachat Nidesalay, a copy of which is placed at page No. 2 of the paper book, which clarifies that the receipt of the prize related to the year 1999. The newly inserted Explanation, which widens the definition of the word "lottery", is operative w.e.f. 1st April, 2002. The reasoning given by the learned AO that this Explanation shall be taken to be available, prior to 1st April, 2002 also, seems to be not correct. In case the amendment was intended to have retrospective effect, there was no need to make this provision prospective. Before I conclude that even the amended provisions would perhaps not include the prize won as a result of "small savings scheme by way of free gift coupon", it is pertinent to ment....