COMMISSIONER OF WEALTH TAX Vs. N NAZEERUDEEN

JUDGEMENT

(1.) THE question referred to us at the instance of the Revenue, relating to the assessment year 1977-78, arising out of the provisions of the Wealth-tax Act is as to "whether, on the facts and in the circumstances of the case, the sum of Rs. 22,68,000 is includible in the net wealth of the assessee as an asset belonging to him as on the valuation date March 31, 1977, relevant for the assessment year 1977-78 under the Wealth-tax Act, 1957 ?"

(2.) THE amount referred to in the question is the value of the lottery prize, to which the assessee had made a claim, but was disputed by one Annamalai, who also claimed to be entitled to that prize. THE litigation which commenced at the sub-court at Vellore ended in favour of the assessee at the level of that court. An appeal having been preferred by Annamalai, the matter was taken to the High Court and by the interim orders made by this court, the assessee was allowed to withdraw one half of the amount against the bank guarantee on condition that the assessee in the event of failing before the High Court will be liable to refund the amount drawn and in case the appellant fails to do so, the bank will be liable to make the payment.