https://www.taxtmi.com/caselaws?id=69516 The Tribunal held that receipts from horse racing activities were not taxable as income since they were considered incidental to a hobby pursued for pleasure, not profit. The Tribunal ruled that capital gains from the sale of horses should not be taxed as the horses were deemed personal effects, not capital assets. The ITO was directed to recompute taxable income, excluding income from leasing or selling horses, and considering only stake money and betting winnings. The appeal was allowed, setting aside previous orders. en-us Fri, 27 Apr 1984 00:00:00 +0530 Mon, 13 Jun 2011 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69516 The Tribunal held that receipts from horse racing activities were not taxable as income since they were considered incidental to a hobby pursued for pleasure, not profit. The Tribunal ruled that capital gains from the sale of horses should not be taxed as the horses were deemed personal effects, not capital assets. The ITO was directed to recompute taxable income, excluding income from leasing or selling horses, and considering only stake money and betting winnings. The appeal was allowed, setting aside previous orders. Case-Laws Income Tax Fri, 27 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69516