https://www.taxtmi.com/caselaws?id=65560 The ITAT Delhi-I allowed the appeal, directing the AO to permit the deduction of Rs. 2,500 from each winning for tax calculation in accordance with s. 194BB of the IT Act. The Tribunal clarified that tax should only be deducted on winnings exceeding Rs. 2,500, not on the initial exemption amount. Additionally, the Tribunal directed the reduction of the amount of tickets purchased by punters relating to each horse race to determine the taxable amount for TDS, based on previous decisions and lack of contrary precedents. en-us Tue, 26 Dec 2006 00:00:00 +0530 Thu, 12 Jul 2012 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65560 The ITAT Delhi-I allowed the appeal, directing the AO to permit the deduction of Rs. 2,500 from each winning for tax calculation in accordance with s. 194BB of the IT Act. The Tribunal clarified that tax should only be deducted on winnings exceeding Rs. 2,500, not on the initial exemption amount. Additionally, the Tribunal directed the reduction of the amount of tickets purchased by punters relating to each horse race to determine the taxable amount for TDS, based on previous decisions and lack of contrary precedents. Case-Laws Income Tax Tue, 26 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65560