2001 (1) TMI 59

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..... court under section 256(2) of the Income-tax Act, 1961 (in short the "Act"), has been referred for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 1,18,928 received by the assessee as his share of the percentage of the first prize money was not taxable ?" The dispute relates to the- assessment year 1 .....

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..... t prize money, which was obtained by a person, who bought a ticket from the assessee. The Income-tax Officer was of the view that the said receipt was a part of the business activities and therefore was to be taxed. The assessee, on the other hand, stated that the amount was in the nature of a casual and non-recurring receipt and was therefore not taxable. The Income-tax Officer did not accept the .....

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..... the question as set out above was directed to be referred along with the statement of the case. We have heard learned counsel for the Revenue. There is no appearance on behalf of the assessee in spite of notice. Learned counsel for the Revenue submitted that the receipt is inextricably connected with the business activities of the assessee and, therefore, the Tribunal's conclusions are not in .....

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