1988 (8) TMI 47

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..... -By this reference under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the lottery ticket in question had no fair market va....

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....ssed the order of assessment. Aggrieved by that order, the assessee preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner partly allowed the appeal directing the Wealth-tax Officer to adopt the figure of net wealth at Rs. 7,23,600 as against Rs. 10,80,000 adopted by him. Aggrieved by the order passed by the Appellate Assistant Commissioner, an appeal....

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.... of the assessee that under the Rules framed by the State Government, till the publication of the result in the Official Gazette, there was no official announcement of the result of the draw and the assessee received the amount of prize money after March 31, 1977, after due verification by the Director of Lotteries. Having heard learned counsel for the parties, we have come to the conclusion th....