https://www.taxtmi.com/caselaws?id=326192 The Tribunal dismissed the appeals for A.Y. 2009-10 and A.Y. 2010-11, upholding the CIT(A)'s decisions. The disallowance of lease rent paid for agricultural land, treatment of agricultural income, and bifurcation of losses from horse breeding and racing activities were affirmed based on precedents from the Coordinate Bench in the assessee's previous cases. The Tribunal held that lease rent paid for land used for exempt income was not allowable, agricultural income was correctly treated as such, and losses from horse breeding could be set off against other business income while losses from racing activities had to be carried forward under section 74A(3) of the Act. en-us Wed, 06 Apr 2016 00:00:00 +0530 Fri, 08 Apr 2016 12:19:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326192 The Tribunal dismissed the appeals for A.Y. 2009-10 and A.Y. 2010-11, upholding the CIT(A)'s decisions. The disallowance of lease rent paid for agricultural land, treatment of agricultural income, and bifurcation of losses from horse breeding and racing activities were affirmed based on precedents from the Coordinate Bench in the assessee's previous cases. The Tribunal held that lease rent paid for land used for exempt income was not allowable, agricultural income was correctly treated as such, and losses from horse breeding could be set off against other business income while losses from racing activities had to be carried forward under section 74A(3) of the Act. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326192