https://www.taxtmi.com/caselaws?id=14250 Joint purchase of a lottery ticket for the object of earning income was treated as a joint venture, and that arrangement satisfied the requirements for assessment as an association of persons or body of individuals. The court noted that such status depends on both joint venture and a common income-earning purpose; on the facts, the co-purchasers' joint participation met that test. The mere sharing of prize money did not require assessment only in the individual hands of the co-purchasers, and the assessment in the status of an association of persons or body of individuals was upheld in favour of the Revenue. en-us Wed, 14 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 16:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14250 Joint purchase of a lottery ticket for the object of earning income was treated as a joint venture, and that arrangement satisfied the requirements for assessment as an association of persons or body of individuals. The court noted that such status depends on both joint venture and a common income-earning purpose; on the facts, the co-purchasers' joint participation met that test. The mere sharing of prize money did not require assessment only in the individual hands of the co-purchasers, and the assessment in the status of an association of persons or body of individuals was upheld in favour of the Revenue. Case-Laws Income Tax Wed, 14 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14250