1981 (8) TMI 127 - AT - Income Tax

Summary

The appeal by the revenue against the AAC's order granting deduction under section 80TT was dismissed by the ITAT MADRAS-A. The assessee won a prize from a bank's scheme and claimed deduction under section 80TT, which was allowed. The ITAT held that the prize obtained by the assessee was winnings from a lottery, following precedents, and confirmed the AAC's order.