https://www.taxtmi.com/caselaws?id=18285 HC held that the assessee-HUF's horse-racing activities constituted "business" within the meaning of section 2(13) of the Income-tax Act, 1961. The court emphasized the continuous and systematic nature of the activity over several assessment years and the clear profit motive, rejecting the Revenue's characterization of the activity as a mere hobby or sport. Since in earlier years the Department itself had assessed income/loss from the same activity under "Profits and gains of business or profession," it was not open to it to contend otherwise for the relevant year. The reference was answered in the affirmative, against the Revenue, confirming the assessee's entitlement to treat the loss as business loss. en-us Thu, 18 Jan 1996 00:00:00 +0530 Mon, 15 Dec 2025 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18285 HC held that the assessee-HUF's horse-racing activities constituted "business" within the meaning of section 2(13) of the Income-tax Act, 1961. The court emphasized the continuous and systematic nature of the activity over several assessment years and the clear profit motive, rejecting the Revenue's characterization of the activity as a mere hobby or sport. Since in earlier years the Department itself had assessed income/loss from the same activity under "Profits and gains of business or profession," it was not open to it to contend otherwise for the relevant year. The reference was answered in the affirmative, against the Revenue, confirming the assessee's entitlement to treat the loss as business loss. Case-Laws Income Tax Thu, 18 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18285