Law:

Section:

Where Commissioner (Appeals) and Tribunal gave concurrent finding of fact that lottery ticket was not purchased after lottery draw to convert black money into white, addition made by Assessing Officer was to be deleted Section 69A of the Income-tax Act, 1961 - Unexplained moneys - Assessment year 1988-89 - A search was conducted at residential premises of assessee and his two brothers, in which a lottery ticket was found - Revenue's case was that they had purchased said prize winning ticket from market only after draw was held so as to convert their black money into white - Assessing Officer, thus, taxed entire amount of lottery in assessee's hands on substantive basis in year 1988-89 and two-third of that amount was taxed on protective basis in hands of assessee's brothers - On appeal, Commissioner (Appeals) as well as Tribunal set aside order passed by Assessing Officer - Whether since revenue had failed to prove that assessee and his brothers had purchased lottery ticket from market after draw was held, Commissioner (Appeals) as well as Tribunal were justified in deleting entire amount of addition in hands of all three brothers in relevant assessment year and rightly directed that one-third of amount of prize money was to be taxed in assessment year 1989-90, in hands of each brother which they had already disclosed in their respective returns - Held, yes FACTS A search was conducted at the residential premises of the assessee and his two brothers in which along with other incriminating documents, a lottery ticket was also found. The case of the revenue was that they had purchased said prize winning ticket from the market after the draw was held so as to convert their black money into white. The assessee on the other hand, contended that he, along with his two brothers had purchased the said lottery ticket and the lottery draw was opened in their names. In the return filed, they had disclosed one-third share of the prize money in the hands of each brother for the relevant assessment year. The Assessing Officer, however, taxed the entire amount of lottery in the assessee's hands on substantive basis in the year 1988-89 and two-third of that amount was taxed on…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492