https://www.taxtmi.com/caselaws?id=15236 The court ruled in favor of the Revenue, allowing costs to the tune of Rs. 2,000 to be borne by the assessee. The judgment emphasized the correct interpretation and application of provisions under the Income-tax Act, specifying that all expenditure incurred by the assessee owning and maintaining race-horses must be computed under the source of "races including horse-races," irrespective of income from horse-races in a particular year. Losses are to be carried forward and set off against income from horse-races in subsequent assessment years as per the relevant provisions. en-us Wed, 06 Oct 1999 00:00:00 +0530 Sun, 06 Feb 2011 02:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15236 The court ruled in favor of the Revenue, allowing costs to the tune of Rs. 2,000 to be borne by the assessee. The judgment emphasized the correct interpretation and application of provisions under the Income-tax Act, specifying that all expenditure incurred by the assessee owning and maintaining race-horses must be computed under the source of "races including horse-races," irrespective of income from horse-races in a particular year. Losses are to be carried forward and set off against income from horse-races in subsequent assessment years as per the relevant provisions. Case-Laws Income Tax Wed, 06 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15236