Tax Neutral Section 263 order passed by CIT is liable to be Quashed

Pooja Marketing Vs. Pr. CIT (ITAT Mumbai) In the present case before us, the assessee had offered its entire income including income by way of winnings from lotteries on unsold lottery tickets, as income chargeable under the head ―Profits and gains of business or profession“. However, the ld PCIT had sought to treat the income by way of winnings from lotteries as separately assessable under the head “Income from Other Sources”. We find that the net profit for the year is Rs 94,38,441/- was arrived at by the assessee after considering the prizes from unsold lottery tickets a...