https://www.taxtmi.com/caselaws?id=7869 An incorporated company may carry on a taxable business through a club house and kiosks even where the facilities are mainly used by members, their families and guests, because the activity remains commercial and is not a true mutual arrangement. Losses from running those facilities, together with depreciation on their fixed assets, were allowable in computing race-course business profits where the amenities were directly connected with attracting and retaining patronage. Alternatively, if treated as a separate business, the same loss and depreciation could still be set off against race-course profits as arising from another business carried on by the assessee. en-us Thu, 14 Aug 1969 00:00:00 +0530 Mon, 23 Mar 2009 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7869 An incorporated company may carry on a taxable business through a club house and kiosks even where the facilities are mainly used by members, their families and guests, because the activity remains commercial and is not a true mutual arrangement. Losses from running those facilities, together with depreciation on their fixed assets, were allowable in computing race-course business profits where the amenities were directly connected with attracting and retaining patronage. Alternatively, if treated as a separate business, the same loss and depreciation could still be set off against race-course profits as arising from another business carried on by the assessee. Case-Laws Income Tax Thu, 14 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7869