https://www.taxtmi.com/caselaws?id=7111 Regular dealings in New York cotton price differences are not "business" under section 2(4) of the Income-tax Act, 1922 unless they form a real, systematic, organised commercial activity with continuous effort. Pure wagering on opening and closing exchange rates, depending mainly on chance rather than skill or enterprise, does not satisfy that definition. Receipts from such gambling transactions are also treated as casual and non-recurring under section 4(3)(vii), because habitual betting does not convert chance-based winnings into recurring commercial income. The subject matter therefore confirms that gambling receipts of this character fall outside business income and within the statutory exemption. en-us Tue, 18 Apr 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7111 Regular dealings in New York cotton price differences are not "business" under section 2(4) of the Income-tax Act, 1922 unless they form a real, systematic, organised commercial activity with continuous effort. Pure wagering on opening and closing exchange rates, depending mainly on chance rather than skill or enterprise, does not satisfy that definition. Receipts from such gambling transactions are also treated as casual and non-recurring under section 4(3)(vii), because habitual betting does not convert chance-based winnings into recurring commercial income. The subject matter therefore confirms that gambling receipts of this character fall outside business income and within the statutory exemption. Case-Laws Income Tax Tue, 18 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7111