1980 (7) TMI 72

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....year ended 30th June, 1972? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the jackpot winnings by the assessee from September 1, 1971, to January 23, 1972, pertaining to the accounting year ending June 30, 1972, were assessable in the assessment year 1973-74, under section 10(3) as it stood amended with an exemption of Rs. 1,000 only ? " The assessee had received monies on jackpot races. The receipts were as follows : Rs. 1. 1-9-1971 82,273 2. 22-12-1972 6,673 3. 21-1-1972 7,741 4. 15-2-1972 5,670 5. 23-1-1972 23,172 --------------- 1,25,529 --------------- Aggregating to Rs. 1,25,529. After deducting expenses the net gain was shown at Rs. 1,22,569 in Part ....

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....972-73 was concerned, he was entitled to the relief under s. 10(3) in respect of the entire winnings by virtue of provisions of s. 59 of the Finance Act of 1972. The Tribunal accepted this contention and granted relief in regard to the entire receipts so far as the assessment year 1972-73 was concerned. The contention of the assessee in regard to the receipts abovementioned was that these amounts had been received by him prior to March 31, 1972, and, therefore, cannot be considered in the assessment for the assessment year 1973-74. But the Tribunal observed that the jackpot winnings were being credited in the same account in which business receipts were being credited and the assessee was adopting the previous year ended on 30th June for pu....

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....s was the one ended on 30th June, 1972. The Tribunal has overlooked the provisions in s. 56(2)(ib) which provides that the income referred in sub-cl. (ix) of cl. (24) of s. 2 shall be chargeable to income-tax and held to be income from other sources jackpot winning would come within the ambit of the income referred to in s. 2(24)(ix). There can be different previous years for different sources of income as is clear from the provisions of s. 3 of the Act. So far as the income from other sources is concerned, the previous year would be the financial year, i.e., the year ending on March 31, 1972. This is clear from the decision of the Supreme Court in Baladin Ram v. CIT [1969] 71 ITR 427 (SC). Therefore, so far as these receipts are concerned ....