Definition of "income" u/s 2(24) and amendment to section 10(3) of Income-tax Act, 1961. - Income Tax - 976/CBDT

INSTRUCTION NO. 976/CBDT Dated : July 13, 1976 Section(s) Referred: 2(24) ,10(3) Statute: Income - Tax Act, 1961 Instances have come to the notice of the Board where value of trophies presented to the owners of winning horses have not been brought to tax by the Income-tax Officers. Any possible doubt that might have arisen in the past regarding the taxability of these trophies prior to 1-4-1973 is now clearly laid at by the amendment to the definition of "income" u/s 2(24) and the consequent amendment to section 10(3) of the Income-tax Act, 1961. 2. In bringing to tax the value of these trophies, the question of valuation thereon may perhaps arise. As these trophies are advertised at certain values by the Race Course Authorities, the Income-tax Officer may in assessing the value of the trophies be guided by the advertised value thereof, rather than make independent attempts to value the same.