https://www.taxtmi.com/caselaws?id=12162 The High Court upheld the jurisdiction of the Inspecting Assistant Commissioner under section 144B of the Income-tax Act, 1961, to include income from horse racing in the draft assessment order. It ruled that the receipts from the sale and lease of race horses were taxable as business income, not a hobby, and horses could not be classified as personal effects. Additionally, the income from the sale and lease of race horses was not covered under section 74A. The court decided in favor of the Revenue against the assessee on all legal issues. en-us Thu, 10 Oct 2002 00:00:00 +0530 Sun, 06 Feb 2011 01:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12162 The High Court upheld the jurisdiction of the Inspecting Assistant Commissioner under section 144B of the Income-tax Act, 1961, to include income from horse racing in the draft assessment order. It ruled that the receipts from the sale and lease of race horses were taxable as business income, not a hobby, and horses could not be classified as personal effects. Additionally, the income from the sale and lease of race horses was not covered under section 74A. The court decided in favor of the Revenue against the assessee on all legal issues. Case-Laws Income Tax Thu, 10 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12162