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of <h1>Taxable Status of Profits/Losses from Wagering Contracts; Costs Awarded to Assessee</h1> <h3>In Re: Chunni Lal Kalyan Das</h3> The High Court of Allahabad ruled that profits or losses from wagering contracts are taxable for income tax purposes, including those from illegal or ... - The High Court of Allahabad held that profits or losses from wagering contracts are taxable for income tax purposes. The court emphasized that even profits from illegal businesses must be taxed. The court also clarified that speculative businesses, such as bookmaking, are considered taxable under the income tax law. The assessee was awarded costs not exceeding Rs. 200.
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