2001 (2) TMI 92

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....t the instance of the Revenue, the following question has been referred to us : "Whether, on the facts and in the circumstances of the case, an assessment in the status of body of individuals was correct ?" The brief facts are that one Abdul Jaffar and Madasamy jointly purchased a lottery ticket of Rajasthan for the draw scheduled to be held on October 12, 1983. The ticket won a prize of Rs.....

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....red to us. A similar question came up for consideration of this court in the case of CIT v. A. U. Chandrasekharan [1998] 229 ITR 406, wherein this court, after considering various aspects of the case, came to the conclusion that if persons enter into an agreement to purchase a lottery ticket with a view to earn income, it is a joint venture. The two conditions for assessing the income under the....