Gold Prize Not Taxed as Lottery Under Income Tax Act, Lacks Essential Elements of Lottery Definition Pre-Section 2(24)(ix) Amendment.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Taxation of Value of 1 kg. of gold as winning from “Lottery” - Essential ingredients of `lottery’ as it stood prior to the insertion of Explanation to section 2(24)(ix) of the I.T.Act is absent in the facts and circumstances of the case and the same cannot be taxed as a `lottery’....