https://www.taxtmi.com/caselaws?id=15666 The High Court ruled in favor of the Revenue, determining that four separate assessments should be made on the four individuals separately as co-owners in respect of their shares from a lottery win. The Court held that the joint venture formed by the individuals to purchase the lottery ticket aimed at earning income, meeting the criteria for being treated as a body of individuals for assessment purposes. The Court emphasized that the Tribunal's decision on individual assessment did not conclusively determine the status of the assessee for assessment involving the co-owners, leading to the decision for separate assessments for each individual. en-us Mon, 15 Dec 1997 00:00:00 +0530 Wed, 26 Aug 2009 17:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15666 The High Court ruled in favor of the Revenue, determining that four separate assessments should be made on the four individuals separately as co-owners in respect of their shares from a lottery win. The Court held that the joint venture formed by the individuals to purchase the lottery ticket aimed at earning income, meeting the criteria for being treated as a body of individuals for assessment purposes. The Court emphasized that the Tribunal's decision on individual assessment did not conclusively determine the status of the assessee for assessment involving the co-owners, leading to the decision for separate assessments for each individual. Case-Laws Income Tax Mon, 15 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15666