https://www.taxtmi.com/caselaws?id=15784 The High Court of Madras held that individuals jointly purchasing lottery tickets and winning a prize should be collectively assessed as a body for income tax purposes. The court emphasized the existence of a joint venture aimed at earning income, rejecting the argument that the prize money was a windfall. The decision underscored the necessity of assessing the correct person for income tax, regardless of prior assessments. Consequently, the court ruled in favor of the Revenue, allowing them to recover costs. en-us Tue, 21 Apr 1998 00:00:00 +0530 Sat, 29 Aug 2009 10:56:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15784 The High Court of Madras held that individuals jointly purchasing lottery tickets and winning a prize should be collectively assessed as a body for income tax purposes. The court emphasized the existence of a joint venture aimed at earning income, rejecting the argument that the prize money was a windfall. The decision underscored the necessity of assessing the correct person for income tax, regardless of prior assessments. Consequently, the court ruled in favor of the Revenue, allowing them to recover costs. Case-Laws Income Tax Tue, 21 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15784