1998 (1) TMI 26 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a tax case regarding the taxability of race winnings. The court held that the jackpot income accrued in the previous year and should be assessed for the year 1972-73, not 1973-74. The decision was based on a previous ruling in a similar case. The court answered the question of law against the Department and there were no costs awarded.