TaxTMI 
TaxTMI 
1980 (1) TMI 67
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..... Rohit Finance & Chit Fund Company Private Ltd. for the assessment year 1974-75. The assessee claimed exemption of Rs. 8,500 thereon under s. 80TT of the Income-tax Act, 1961 (hereinafter referred to as " the Act "). The ITO took the view that the Provisions of s. 80TT could not be invoked in the matter. However, he allowed exemption of Rs. 1,000 under s. 10(3) of the Act. In his opinion, the income accruing to the assessee was of casual nature. On appeal, the AAC reversed the finding of the ITO and held that the assessee was entitled to exemption under s. 80TT of the Act. The Tribunal dismissed the appeal of the revenue. At the instance of the revenue, the Tribunal has referred the following question of law for the opinion of this court i....
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....t defined under the Act. In Webster's New International Dictionary, the word " lottery " has been defined to mean a scheme by which one or more prizes are distributed by chance among persons who have paid or promised a consideration for a chance to win them, usually as determined by the numbers on tickets as drawn from a lottery wheel. In Legal and Commercial Dictionary by S. D. Mitra, the word " lottery " has been defined as under : " A lottery has been compendiously defined as a scheme for the distribution of money by chance. It usually, if not always, takes the form of the creation of a fund by the participants in the lottery, who buy tickets or pay subscriptions in consideration of an offer by the promoters to award them a prize on so....