https://www.taxtmi.com/caselaws?id=191854 Where racing stable operations and repeated betting transactions are carried on systematically with a profit-making object, the receipts may fall within business, vocation or occupation, rather than being treated as casual and non-recurring. The majority held that, on the facts, the assessee's horse-racing and betting activity was assessable income and not shown to fall within the exempt class. As the receipts were brought within a chargeable head under the Act, the related racing and betting losses were allowable by way of set-off under Section 24(1). en-us Wed, 10 Jan 1940 00:00:00 +0530 Thu, 27 Apr 2017 17:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191854 Where racing stable operations and repeated betting transactions are carried on systematically with a profit-making object, the receipts may fall within business, vocation or occupation, rather than being treated as casual and non-recurring. The majority held that, on the facts, the assessee's horse-racing and betting activity was assessable income and not shown to fall within the exempt class. As the receipts were brought within a chargeable head under the Act, the related racing and betting losses were allowable by way of set-off under Section 24(1). Case-Laws Income Tax Wed, 10 Jan 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191854