https://www.taxtmi.com/caselaws?id=369986 The High Court allowed the Revenue's appeal under Section 260A of the Income Tax Act for the assessment year 2003-04. The Court held that the loss sustained in business cannot be set off against betting and gambling income, affirming that only the net income should be taxed under Section 115BB at the specified rate of 40%. The decision aligned with the legislative intent of applying special tax rates for specific income sources, emphasizing strict adherence to statutory provisions in tax calculations. The Court set aside the Tribunal's order and ruled in favor of the Revenue, with no costs awarded. en-us Mon, 22 Oct 2018 00:00:00 +0530 Tue, 06 Nov 2018 07:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369986 The High Court allowed the Revenue's appeal under Section 260A of the Income Tax Act for the assessment year 2003-04. The Court held that the loss sustained in business cannot be set off against betting and gambling income, affirming that only the net income should be taxed under Section 115BB at the specified rate of 40%. The decision aligned with the legislative intent of applying special tax rates for specific income sources, emphasizing strict adherence to statutory provisions in tax calculations. The Court set aside the Tribunal's order and ruled in favor of the Revenue, with no costs awarded. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369986