https://www.taxtmi.com/caselaws?id=369539 The High Court of Madras allowed the Revenue's appeal against the Income-tax Appellate Tribunal's order for the assessment year 2002-03. The Court held that the loss from business could not be set off against betting and gambling income under Section 115BB of the Income Tax Act. Emphasizing the importance of adhering to special provisions and maintaining consistency in judicial decisions, the Court upheld the special rate of tax for income from horse racing and rejected reliance on circulars for tax calculation. The judgment favored the Revenue, emphasizing strict adherence to legislative intent in tax calculations. en-us Wed, 05 Sep 2018 00:00:00 +0530 Tue, 30 Oct 2018 10:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369539 The High Court of Madras allowed the Revenue's appeal against the Income-tax Appellate Tribunal's order for the assessment year 2002-03. The Court held that the loss from business could not be set off against betting and gambling income under Section 115BB of the Income Tax Act. Emphasizing the importance of adhering to special provisions and maintaining consistency in judicial decisions, the Court upheld the special rate of tax for income from horse racing and rejected reliance on circulars for tax calculation. The judgment favored the Revenue, emphasizing strict adherence to legislative intent in tax calculations. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369539