Characterization of income - Income by way of winnings from ...

Case Laws Income Tax

May 26, 2021

Characterization of income - Income by way of winnings from lotteries on unsold lottery tickets - Winnings from lottery is read with the other kinds of winnings included within the ambit of section 2(24)(ix) of the Act, it becomes apparent that it is only attracted to those people who have such winnings by reason of their participation in draw of lottery as part of their hobby or enjoyment or pastime. If these winnings have arisen as part of business of distribution of lottery tickets, then such winnings cannot be regarded as ‘winnings from lotteries‘ u/s 2(24)(ix) of the Act but would be taxable as profits and gains of business of distribution of lottery tickets. - AT

View Source

← Previous Next →

Characterization of income - Income by way of winnings from ...

Case Laws Income Tax

May 26, 2021

You may also like:

The key points covered in the summary are: The assessee claimed tax deducted at source (TDS) on prize winnings from unsold lottery tickets as business income and set off...

Prize money winning out of unsold lottery tickets - business income OR income from other sources - A.O. treated this income separately and assessed the income as income...

Nature of income – Prize money received on unsold tickets – prize won on such tickets amounts to income by way of winnings from lottery - The provision of Section 115BB...

Prize winning from certain unsold tickets - special rate of tax, i.e., 30 per cent. provided under section 115BB of the Act is applicable even if winning from lottery is...

Liability of Service Tax on lottery tickets - Petitioners in buying and selling the lottery tickets is not rendering service to the State and, therefore, their activity...

Revision u/s 263 - TDS u/s 194B on payments made to players on winnings from lotteries/crossword puzzles - It is not evident that the AO examined/verified whether the...

Taxation of Value of 1 kg. of gold as winning from “Lottery” - Essential ingredients of `lottery’ as it stood prior to the insertion of Explanation to section 2(24)(ix)...

Expenditure u/s 37(1) - lottery business - commission - there was nothing illegal about carrying on the lottery business or mobilizing opinion for continuation of sale...

Constitutional Validity of Levy of Service tax on lotteries promoted and marketed by clients - Discount or commission received by the petitioners is nothing but...

The Supreme Court held that service tax cannot be levied on the promotion or marketing of lotteries as "business auxiliary services" u/s 65(19)(ii) of the Finance Act,...

Sikim Income Tax Rules, 1948 versus Indian Income Tax Act, 1961 - Since the assessee was not resident within the territories comprised in the of State of Sikkim, the...

Constitutional validity of the Kerala Tax on Paper Lotteries Act, 2005 - levy of licence fee on the draw of lotteries - vires of Section 5BA of the KGST Act - what is...

Levy of IGST u/s 5 (3) of IGST act, 2017 - supply of lottery tickets by the organising state - applicant is liable to payment of IGST under Reverse Charge mechanism

Levy of Service tax on lottery tickets - Writ petition against letters issued from the Mumbai Office - territorial jurisdiction of the SIKKIM HIGH COURT - three...

Transactions in lottery tickets are not liable to service tax under the provisions of the Finance Act, 1994, as amended by the Finance Act, 2012, under negative list,...

Quick Updates: