COMMISSIONER OF INCOME-TAX VS LACHHMAN DAS VEERABHANDAS
2001 P T D 2469
[247 ITR 810]
[Supreme Court of India]
Present: Suhas C. Sen and S.S.M. Quadri, JJ
COMMISSIONER OF INCOME‑TAX
Versus
LACHHMAN DAS VEERABHANDAS
Civil Appeal No.3364 of 1984, decided on 18/12/1997.
(Appeal by special leave from the judgment and order, dated July 30, 1980 of the Karnataka High Court in I.T.R. C. Nos. 107 and 108 of 1977).
(a) Income‑tax‑‑‑
‑‑‑‑Previous year‑‑‑Income from other sources‑‑‑Jackpot winnings‑‑‑Credited in business accounts‑‑Nature of Jackpot winnings as income from other sources does not change‑‑‑Indian Income Tax Act, 1961, Ss.2(24)(ix), 3 & 56(2)(ib).
(b) Income‑tax‑‑‑
‑‑‑‑Casual and non‑recurring receipt‑‑‑Receipt assessable in 1972‑73‑‑‑Limit of exemption to Rs.1,000 does not apply‑‑‑ Indian Income Tax Act, 1961, S.10(3)‑‑‑Indian Finance Act, 1972, S.59.
From the decision of the Karnataka High Court (see (1981) 128 ITR 606) to the effect that (i) Jackpot winnings were income from other sources and merely because they were credited by the assessee in his business accounts that did not change the character of the Jackpot winnings as income from other sources and the previous year for those winnings would be the financial year and (ii) that the restriction in section 10(3) of the Income Tax Act, 1961, limiting the exemption of casual and non‑recurring receipts to Rs.1,000, was not attracted to the assessment year 1972‑73, an appeal was taken to the Supreme Court. The Supreme Court dismissed the appeal.
CIT v. Lachmandas Veerbhandas (1981) 128 ITR 606 affirmed.
K.N. Shukla, Senior Advocate (Hemant Sharma and B.K. Prasad, Advocates with him) for Appellant.
Ms. Kamini Jaiswal, Advocate for Respondent.
ORDER
The civil appeal is dismissed. There shall be no order as to costs.
M.B.A./1001/FCAppeal dismissed.