1996 (5) TMI 6

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.... of the Income-tax Act, 1961 (for short "the Act"), seeking a direction to the Income-tax Appellate Tribunal, Indore, to state the case and refer the undernoted questions said to be of law, arising out of the order passed by the Tribunal on May 5, 1991, in I. T. A. No. 701/Ind. of 1985 and its refusal to refer the case vide order dated November 29, 1991, passed in R. A. No. 108/Ind. of 1991 : "(a....

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....t prize of a lottery of the State Government of Rs. 12 lakhs. After deduction of 10 per cent. of the commission of the agent and the tax at source, he was paid Rs. 7,23,600 on June 7, 1977. The Income-tax Officer allowed deduction under section 80TT of the Act at Rs. 5,37,500 as against Rs. 5,97,500 claimed by the assessee. In the first appeal, the Commissioner of Income-tax (Appeals) by his order....

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....ubmitted that at least question No. 1, as extracted below, may be called for, if question No. 2 is held to be non-referable. "Whether, in the facts and circumstances of the case, the Appellate Tribunal is right in holding that the deduction under section 80TT is admissible on the net amount of prize money of Rs. 10,80,000 and not on the gross lottery prize of Rs. 12 lakhs as per provision of sect....