COMMISSIONER OF INCOME TAX Vs. LACHMANDAS VEERBHANDAS

JUDGEMENT

(1.) BOTH these references relate to the same assessment year, viz., 1973-74. The Income-tax Appellate Tribunal, Bangalore Bench, has referred the following question for the opinion of this court :

(2.) THE assessee had received monies on jackpot races. THE receipts were as follows : <FRM>JUDGEMENT_606_ITR128_1981Html1.htm</FRM>

(3.) IN view of the above conclusion, the receipts between September 1, 1971, and February 15, 1972, pertain to the accounting year ending on March 31, 1972, and were assessable in the assessment year 1972-73. By virtue of s. 10(3) read with s. 59 of the Finance Act, 1972, the said income could not be included in the assessment for 1972-73, and it was not liable to be taxed. Accordingly, question No. 2 is answered in the negative, i.e., the receipts could not be brought to tax in the cement for the assessment year 1973-74, and the restriction in s. 10(3) limiting the exemption to Rs. 1,000 only was not attracted.