TMI Blog2007 (6) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years 1985-86, 1986-87 and 1984-85. On 03.03.2004, this Court admitted the appeals and formulated the following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in law in confirming the order of the Commissioner of Income Tax (Appeals) directing the Assessing Officer to recompute the assessee's net wealth after excluding the wealth of his wife, daughters-in-law and grand children attributable to the lottery winnings? (ii) Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in law in confirming the order of the Commissioner of Income Tax (Appeals) cancelling the gift tax assessment order?" 2. The facts leadin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer was of the opinion that the lottery tickets were purchased at least 20 days before the date of draw of the lottery, but the Trust was formed not immediately after the purchase of the tickets, but only a day before the date of draw of the lottery. Further the Assessing Officer was of the view that corpus of the Trust, being lottery tickets numbering 12, cannot be called a property as understood in the general sense. Further the Assessing Officer held that it does not make the lottery ticket in which the buyer has speculative interest, a property with which a person could form the Trust. If the lottery tickets had not won any prize, the Trust, which was formed on 14.08.1983 would have ceased to exist on 15.08.1983 and that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee's own case. Hence the present tax cases by the Revenue. 3. Learned Standing Counsel appearing for the Revenue submitted that the Trust is not a genuine one and hence the levying of wealth-tax and gift-tax is justified and is in accordance with law. 4. Learned counsel for the assessee submitted that the earlier Tribunal order reached finality and also the beneficiaries received their respective shares and they have been assessed under the Act. Hence, the order passed by the Tribunal is in confirmity with law. 5. Heard the counsel. In the present cases, the Tribunal merely followed the C.R.K. Swamy Trust's case as well as the assessee's own case in I.T.A. No.1969/Mds/1989 and ITA Nos.4131 to 4133/Mds/1989, res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dly. The said matter came up before this Court in T.C.M.P. Nos.995 and 996 of 1997 on 04.08.1998 wherein the following substantial questions of law have been raised : "1. Whether in the facts and in the circumstances of the case the Appellate Tribunal is right in law in holding that the trust is a genuine trust? 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in cancelling the assessment made in the hands of C.R.K. Swamy individual?" 7. After hearing the arguments this Court dismissed the said T.C.M. Ps. and held as follows:- "The delay cannot be condoned the affidavit is as held as it can possibility be. The respondent has rightly complained that even the copy served upon her ..... X X X X Extracts X X X X X X X X Extracts X X X X
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