https://www.taxtmi.com/caselaws?id=292931 Profits from wagering or other illegal speculative business are taxable if they fall within the charging provisions and statutory heads of income. The illegality of the activity does not keep the receipts outside income-tax assessment, and the character of a transaction under the Contract Act does not control taxability under the Income-tax Act. Wagering profits are therefore assessable, and wagering losses are also relevant in computation where the statute so requires. en-us Thu, 18 Dec 1924 00:00:00 +0530 Wed, 13 Jan 2021 14:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292931 Profits from wagering or other illegal speculative business are taxable if they fall within the charging provisions and statutory heads of income. The illegality of the activity does not keep the receipts outside income-tax assessment, and the character of a transaction under the Contract Act does not control taxability under the Income-tax Act. Wagering profits are therefore assessable, and wagering losses are also relevant in computation where the statute so requires. Case-Laws Indian Laws Thu, 18 Dec 1924 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292931