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Showing 81 to 82 of 82 Records

• 1974 (4) TMI 2
  

  Assessee is a co-operative society doing banking business. As part of its business activity the assessee was also conducting kuris--chit funds - claim for deduction under section 80P(2)(a)(i)

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• 1974 (4) TMI 1
  

  Levy of income-tax on winnings from lottery – validity - only Parliament can levy tax on it as taxation of any income from lottery will be covered by article 82 of the Union List - contention raised by the learned counsel is that tax on lotteries is discriminatory and is hit by article 14 of the Constitution. The argument is that the tax is levied only on cash prizes in a lottery while lotteries of other kinds have been left out. According to the learned counsel, there are other kinds of lotteries also such as lotteries for allotment of houses. This argument has no merit. A lottery for the allotment of houses does not partake of the nature of gambling or betting. There a person who is allotted a houses by drawing lots pays full price for the house. Drawing of the lots is only a method of selecting buyers when the buyers are more than the houses to be sold. The type of lottery that we are dealing with forms a class separate from the type of lottery where houses or other things are allotted to a purchaser by drawing lots. There is thus no question of discrimination. In the result the petition fails

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