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2014 (10) TMI 532 - HC - Income TaxTaxability of prize money of 1 kg. of gold won by the assessee – Lottery income u/s 115BB r.w. section 2(24)(ix) - TDS not deducted because of consumer goods – Held that:- Following the decision in COMMISSIONER OF INCOME TAX-I, LUDHIANA Versus TILAK RAJ KALRA [2012 (4) TMI 123 - Punjab and Haryana High Court] - the explanation was added with effect from 1.4.2002 and there was no provision to give the explanation retrospective effect - it would not apply to the AY 1996-97 - if the prizes awarded to any person were to be included in the expression 'lottery' then there was no necessity of adding the explanation to include prize money like the one in question in the expression 'lottery'. The expression 'lottery' would involve an element of 'chance' whereas when a person is making investment in a scheme like Savings Scheme then there is no element of 'chance' nor he loses any money invested by him - the incentive prize received by the assessee on account of the coupon given to him on the strength of Small Savings Certificate would not fall within the definition of 'lottery' and would, thus, not be included in the expression 'income' – thus, the order of the Tribunal is upheld – Decided against revenue.
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