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TMI Blog2007 (6) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... ellate 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 leading to the above substantial questions of law are as under : The assessee C.R.K. Swamy purchased two lottery tickets of Meghalaya State Lottery and ten lottery tickets of Aero Sports Raffle conducted by Aero Club of India by spendin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se 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 the tenure and period of validity of the Trust could not be a matter of speculation. The Assessing Officer also held that the income actually arose in the hands of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted 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, respectively and held as follows:- "2. We have heard the rival submissions and perused the material on record. The issues rai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 herein merely, Court aimed blanks and that not specify the period of delay. No reason worth m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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