2016 (8) TMI 851

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oner (Appeals) and the lottery prize was won in the individual capacity of the assessee and not by the Trust. 2. These appeals were admitted by this court for consideration of the following substantial question of law: Tax Appeal No. 88 of 2002: "Whether in the facts and circumstances of the case, the ITAT has not erred in law in holding that the appellant is liable to pay wealth tax on the whole of the lottery income in spite of the fact that the other beneficiaries of the Neha Trust have paid taxes on their respective share of income from the said lottery prize? Tax Appeal No. 89 of 2002: "Whether in the facts and circumstances of the case, the ITAT has not erred in law in holding that the appellant is liable to pay tax on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ted and T.D.S. amount was also shown in the trust amount. Learned counsel for the appellant has also shown the expenses of the lottery ticket in the trust account and the individual persons who have paid tax is shown on the last page of the paper book. Learned advocate Mr. Soparkar has contended that the trust deed was made only for the family trust. Taking into consideration the above facts, he contended that the authorities have committed serious error in holding that the lottery prize was won in individual capacity. He has contended that the other beneficiaries have also paid taxes. 4. Learned counsel for the revenue has contended that in view of the concurrent finding of fact that there is only book entry and there is no evidence to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the lottery income in spite of the fact that other beneficiaries of Neha Trust have paid taxes on their respective share of income from the said lottery prize in their individual capacity. On going by the record, the amount has been transferred to the trust and it is distributed and tax is paid. In our view, not accepting the trust deed and trust account, the authorities have seriously committed an error. The amount of ticket is from the trust account and the amount of prize is distributed amongst beneficiaries. Even T.D.S is shown in the balance sheet of the trust account. The learned counsel for the appellant has contended that the 1983 letter in the paper book is recently produced in the last week of July. Considering these facts, we ar....