https://www.taxtmi.com/caselaws?id=118529 The appeal was dismissed as the Tribunal upheld the lower authorities' decision to treat horse breeding and horse racing activities as connected, denying the assessee's claim to separate the activities for tax purposes under Section 74A of the Income-tax Act, 1961. The Tribunal relied on the Calcutta High Court precedent, emphasizing that losses from owning and maintaining racehorses should be carried forward and set off against income from the same source, ultimately ruling against the assessee's arguments. en-us Thu, 22 Dec 2005 00:00:00 +0530 Mon, 02 Jul 2012 18:45:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118529 The appeal was dismissed as the Tribunal upheld the lower authorities' decision to treat horse breeding and horse racing activities as connected, denying the assessee's claim to separate the activities for tax purposes under Section 74A of the Income-tax Act, 1961. The Tribunal relied on the Calcutta High Court precedent, emphasizing that losses from owning and maintaining racehorses should be carried forward and set off against income from the same source, ultimately ruling against the assessee's arguments. Case-Laws Income Tax Thu, 22 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118529