https://www.taxtmi.com/caselaws?id=12160 The court held that the receipts from lease and sale of horses were assessable as business income due to the systematic and commercial nature of the activities, rejecting the assessee's argument that it was a hobby. The profits from the sale of horses were classified as business income, not capital gains, as the horses were considered stock-in-trade. The court also determined that the horses were not personal effects but stock-in-trade, and lease income accrued at the time of auction, taxable in that year. The Revenue's challenge to assess the income under 'Other sources' was rejected, with costs awarded in favor of the Revenue. en-us Thu, 10 Oct 2002 00:00:00 +0530 Thu, 18 Feb 2010 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12160 The court held that the receipts from lease and sale of horses were assessable as business income due to the systematic and commercial nature of the activities, rejecting the assessee's argument that it was a hobby. The profits from the sale of horses were classified as business income, not capital gains, as the horses were considered stock-in-trade. The court also determined that the horses were not personal effects but stock-in-trade, and lease income accrued at the time of auction, taxable in that year. The Revenue's challenge to assess the income under 'Other sources' was rejected, with costs awarded in favor of the Revenue. Case-Laws Income Tax Thu, 10 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12160