1982 (4) TMI 190 - AT - Income Tax

Summary

The judgment pertains to whether a prize received by the assessee from a bank deposit is considered a lottery for the assessment year 1979-80. The Appellate Tribunal held that the prize obtained in this case is indeed a lottery, as it was received unexpectedly and by mere chance, leading to the dismissal of the departmental appeal. The Tribunal emphasized that the key factor is the unexpected nature of the prize, regardless of the initial investment not being lost in this particular scheme.