1998 (8) TMI 11 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessee, who won a lottery, could not avoid paying tax on the winnings by claiming an oral agreement to share the prize. The Tribunal found the oral agreement not credible as the ticket was purchased with the assessee's own funds and no one else contributed. The tax was rightly levied on the assessee, and the prize amount is liable to be taxed in entirety in his hands as an individual.