1987 (5) TMI 80

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as repayable on or after 15-6-1985. The rate of interest payable on this deposit was subject to the directives that may be issued by Reserve Bank of India from time to time. The other salient features of the scheme are as follows : 1st Prize Rs. 2,00,000 2nd Prize Rs. 1,00,000 3rd Prize Rs. 50,000 4th Prize Rs. 25,000 5th Prize Rs. 10,000 6th Prize Rs. 5,000 In addition, there are 203 consolation prizes of Rs. 1,000 each. Total value of prize distributed every month is Rs. 5.93 lacs." The appellants won the first prize of Rs. 2,00,000 in the 73rd monthly draw held on 24-10-1981. Returns were submitted by Smt. Sankari and Miss Raji in their respective individual capacities in respect of the prize money shared by them. The Incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in their favour at the 73rd draw. For the determination of the status as Body of Individuals, the tests laid down in several judicial pronouncements do not apply to the facts and circumstances of this case. In this connection, he referred to the following decisions :-- (1) G. Murugesan & Bros. v. CIT [1973] 88 ITR 432 (SC). (2) CIT v. Deghamwala Estates [1977] 109 ITR 416 (Mad.). (3) Deccan Wine & General Stores' case. (4) CIT v. Harivadan Tribhovandas [1977] 106 ITR 494 (Guj.). (5) CIT v. Pabbati Shankaraiah [1984] 145 ITR 702 (AP). (6) CIT v. A.P. Parukutty Mooppilamma [1984] 149 ITR 131 (Ker.). (7) CIT v. Deghamwala Estates [1980] 121 ITR 684 (MP). (8) CIT v. Indira Balkrishna [1960] 39 ITR 546 (SC). Sri B. Kailasnath, learned ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y of interest but who are not actuated by a common design, and one or more of whose members produce or help to produce income for the benefit of all. We are content to leave it at that. We will not attempt a comprehensive definition ; nor will we attempt to catalogue the characteristics of a body of individuals. There is danger in doing either." Except making an investment in the joint names in a paltry sum of Rs. 500, neither the mother nor the minor daughter has done anything or has carried on any activity to produce or help to produce income for the benefit of both. The prize money which the assessees obtained at the 73rd draw was certainly a distant contingency materialising of its own accord without any effort or activity on the part ....