COMMISSIONER OF INCOME-TAX Vs. JHAVERI INDUSTRIES

JUDGEMENT

(1.) HEARD learned advocate for the appellant.

(2.) THE following question has been raised in this appeal. Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in deleting the tax levied by the order passed by the Assessing Officer under Section 201(1) read with Section 194B of the Income -tax Act, 1961

(3.) ADMITTEDLY , the assessment year is 1997 -98 and this amendment has been made with effect from April 1, 2002, by the Finance Act, 2001. By this insertion of the Explanation prize by draw of lots is treated as lottery after this amendment. When this amendment was not in force at the relevant point of time, we see no justification to interfere with the order of the Tribunal.