Definition of "income" u/s 2(24) and amendment to section 10(3) of Income-tax Act, 1961.

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....r>INSTRUCTION NO. 976/CBDT Dated : July 13, 1976 Section(s) Referred: 2(24) ,10(3) Statute: Income - Tax Act, 1961 Instances have come to the notice of the Board where value of trophies pr....

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....e of these trophies, the question of valuation thereon may perhaps arise. As these trophies are advertised at certain values by the Race Course Authorities, the Income-tax Officer may in assessing the....