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2004 (3) TMI 46 - HC - Income TaxReceipt of Rs. 30,000 being in the nature of prize for winning the caption contest held by Bombay Dyeing and Manufacturing Co. Ltd., being out of effort and skill of the assessee – There cannot be any two opinions about the fact that it was income within the definition under section 2(24)(ix) of the Act. We find that the payment of Rs. 30,000 was made to the assessee under the stipulated contract - Thus the instant payment cannot be said to be in the nature of a casual and non-recurring receipt - The receipt of the amount in question is definitely an income. The assessee is required to show under which head he is entitled to exemption of tax - assessee could not show any specific provision under which the assessee could be granted exemption from tax - said receipt of Rs. 30,000 is covered by the definition under section 2(24)(ix) - the same is taxable in the hands of the assessee
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