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Taxability of money received along with award

This query is : Resolved 
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(Querist)
17 September 2011 hi sir/madam
can any one clarify my doubt.
One of our client is a pvt. ltd. The company got National award for micro , small & medium enterprises from central government . Money by cheque was also given under this award.
my doubt is weither the money received under this award is taxable , if so under what section
and the cheque was issued on the name of MD but not to company . what treatment need to be given in both companies books and MD personal books of accounts
please help.
thanks in advance
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CS Bijoy

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CS Bijoy (Expert)
21 September 2011 Under section 24 Prize received is taxable 30% flat.

please check whether the award is fall in this category or not.
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