SupremeToday Landscape Ad
Back
Next
Judicial Analysis Court Copy Headnote Facts Arguments Court observation
Listen Audio Icon Pause Audio Icon
judgment-img

M.A.BAKSHI, G.D.AGRAWAL
DEEPAK DEWAN – Appellant
Versus
INCOME-TAX OFFICER – Respondent


Advocates Appeared:
R. Santhanam,B.K. Haldhar

ORDER
Manzoor Ahmed Bakhshi, Judicial Member- The appeal of the assessee is directed against the order dated 24th December, 1993 and the dispute is relating to the addition of Rs. 10 lakhs on account of alleged investment in the purchase of a lottery ticket. Assessee is an individual. Assessee claimed to have won the first prize of Rs. 10 lakhs of Manipur State Lottery Super Bumper Draw of the Government of Manipur during the previous year relevant to assessment year 1984-85. A return of income had been filed on 30th September, 1985 declaring income of Rs. 2,95,570 which was later on revised on 27th March, 1986 declaring income of Rs. 4,47,750. Assessing Officer (AO) had completed the assessment under section 143(3) vide order dated 24th March, 1987 on an income of Rs. 14,47,749. The addition of Rs. 10 lakh had been made by the Assessing Officer on the ground that assessee was not the actual winner of the lottery and that the prize winning ticket had been purchased by the assessee from the actual winner of the lottery. The purchase price of the winning ticket was presumed to be Rs. 10 lakhs and assessee was deemed to have invested the said amount out of undisclosed income. Assessee


















Click Here to Read the rest of this document

1
2
3
4
5
6
7
8
9
10
11
SupremeToday Portrait Ad
supreme today icon
logo-black

An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers

Please visit our Training & Support
Center or Contact Us for assistance

qr

Scan Me!

India’s Legal research and Law Firm App, Download now!

For Daily Legal Updates, Join us on :

whatsapp-icon telegram-icon
whatsapp-icon Back to top