1984 (7) TMI 224 - AT - Income Tax

Summary

The appeal involved a claim for deduction under s. 80TT of the IT Act. The assessee won a lottery prize of Rs. 3 lakhs, received Rs. 2,67,000 after deductions, and claimed deduction under s. 80TT. The Tribunal ruled in favor of the assessee, stating that the deduction should be based on the gross winnings of Rs. 3 lakhs, not the net amount received. The Tribunal directed the ITO to recompute the income accordingly, allowing the appeal.