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2005 (2) TMI 24 - HC - Income Tax"Whether Tribunal is right in holding that the deduction under section 80TT is admissible on the net amount of prize money of Rs. 10,80,000 and not on the gross lottery prize of Rs. 12 lakhs as per the provisions of section 80TT read with section 80B(5) of the Income-tax Act which were in force in the assessment year 1978-79?" - calculation of computation has to be made under section 80TT taking Rs. 10,80,000 to be the net income and accordingly, benefit has to be worked out in favour of the assessee - Tribunal was right in granting benefit under section 80TT on the net amount of Rs. 10,80,000
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