COMMISSIONER OF INCOME TAX Vs. GEORGE

JUDGEMENT

(1.) AT the instance of the Revenue, the following question has been referred to us :

(2.) THIS court in the case of CIT v. A.U. Chandrasehharan, [19981 229 ITR 406 has held that in the case of several persons entering into a written agreement for purchase of lottery tickets from contributions, the winnings have to be, equally distributed and the prize money is assessable in the status of association of persons under Section 2(24) of the Income-tax Act, 1961, since the two conditions for assessing the income under the status of an association of persons (a) that there must be joint venture, and (b) that the object of the joint venture must be to earn income, had been satisfied and, therefore, the assessees were assessable in the status of association of persons.