https://www.taxtmi.com/caselaws?id=69524 The Appellate Tribunal ITAT MADRAS-B ruled that the subsidy received by an individual from the Madras Race Club was taxable income under 'Income from other sources.' The Tribunal found a direct link between the subsidy and the winnings from horse racing, rejecting the argument that it did not constitute income. It emphasized that the subsidy reimbursed the training fee paid by the assessee and aimed to boost horse participation and increase taxable receipts. The Tribunal also directed a reassessment of interest chargeable under section 215, considering relief under the Double Taxation Avoidance Agreement, resulting in the dismissal of one appeal and partial allowance of another. en-us Fri, 19 Jun 1987 00:00:00 +0530 Mon, 13 Jun 2011 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69524 The Appellate Tribunal ITAT MADRAS-B ruled that the subsidy received by an individual from the Madras Race Club was taxable income under 'Income from other sources.' The Tribunal found a direct link between the subsidy and the winnings from horse racing, rejecting the argument that it did not constitute income. It emphasized that the subsidy reimbursed the training fee paid by the assessee and aimed to boost horse participation and increase taxable receipts. The Tribunal also directed a reassessment of interest chargeable under section 215, considering relief under the Double Taxation Avoidance Agreement, resulting in the dismissal of one appeal and partial allowance of another. Case-Laws Income Tax Fri, 19 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69524