https://www.taxtmi.com/caselaws?id=69680 The Tribunal held that the racing activity of the assessee constituted a business, allowing the loss of Rs. 1,897 as a business loss. The issue of the Rs. 70,200 loss on the sale of two horses was sent back to the ITO for further investigation to determine if the horses had become permanently unfit for racing. The appeal was partially allowed. en-us Thu, 29 Apr 1976 00:00:00 +0530 Mon, 11 Apr 2011 15:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69680 The Tribunal held that the racing activity of the assessee constituted a business, allowing the loss of Rs. 1,897 as a business loss. The issue of the Rs. 70,200 loss on the sale of two horses was sent back to the ITO for further investigation to determine if the horses had become permanently unfit for racing. The appeal was partially allowed. Case-Laws Income Tax Thu, 29 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69680