1998 (1) TMI 26

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..... ovember 2, 1991, the Appellate Tribunal has referred the following question of law for our consideration under section 256(2) of the Income-tax Act, 1961. "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the relevant previous year for the race winning would be the financial year and the relevant assessment year would be 1972-73 and .....

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..... the assessment year 1973-74. The Income-tax Officer did not accept the assessee's contention, but on appeal the Commissioner (Appeals) accepted the assessee's claim holding that the assessee has clearly stated in Part III of his report filed in the return for the assessment for the previous year ending on March 31, 1972. The Revenue went on appeal before the Income-tax Appellate Tribunal and the .....

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..... 972-73 and not for the assessment year 1973-74. This court also held that the Appellate Tribunal was right in excluding the income from race winnings from tax for the assessment year 1973-74. As the earlier order of the Appellate Tribunal was upheld by this court in CIT v. Rashmi Kamdar [1996] 217 ITR 559, and the Appellate Tribunal in the instant case followed his earlier order in Rashmi Kamdar's .....

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