https://www.taxtmi.com/caselaws?id=69383 The case involved the interpretation of Section 74A of the Income Tax Act, 1961, regarding the set-off of losses from owning and maintaining racehorses against other income. The Tribunal determined that Section 74A(3) provides an exception, allowing such losses to be set off against other income in the same year, with the balance carried forward. The Third Member concluded that the loss should be treated as a business loss, dismissing the Department's appeal and upholding the assessee's right to set off the loss from racehorses against other income in the same year. en-us Thu, 24 Oct 1985 00:00:00 +0530 Wed, 06 Apr 2011 14:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69383 The case involved the interpretation of Section 74A of the Income Tax Act, 1961, regarding the set-off of losses from owning and maintaining racehorses against other income. The Tribunal determined that Section 74A(3) provides an exception, allowing such losses to be set off against other income in the same year, with the balance carried forward. The Third Member concluded that the loss should be treated as a business loss, dismissing the Department's appeal and upholding the assessee's right to set off the loss from racehorses against other income in the same year. Case-Laws Income Tax Thu, 24 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69383