https://www.taxtmi.com/caselaws?id=14954 The court ruled in favor of the Revenue, holding that the subsidies received by the assessee from the Madras Race Club were to be included in computing taxable winnings from races. The subsidies, conditional upon horse participation in races, were considered assistance for earning income from other sources. The court rejected the argument that the subsidies were of capital nature and affirmed that they were revenue receipts, reducing the owner's expenditure. The decision upheld the Tribunal's treatment of the subsidies as revenue receipts under the Income-tax Act, with no costs awarded. en-us Tue, 11 Aug 1998 00:00:00 +0530 Mon, 27 Jul 2009 12:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14954 The court ruled in favor of the Revenue, holding that the subsidies received by the assessee from the Madras Race Club were to be included in computing taxable winnings from races. The subsidies, conditional upon horse participation in races, were considered assistance for earning income from other sources. The court rejected the argument that the subsidies were of capital nature and affirmed that they were revenue receipts, reducing the owner's expenditure. The decision upheld the Tribunal's treatment of the subsidies as revenue receipts under the Income-tax Act, with no costs awarded. Case-Laws Income Tax Tue, 11 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14954