https://www.taxtmi.com/caselaws?id=28537 The High Court ruled in favor of the assessee, allowing the losses from breeding horses and pigs to be set off against other income. The Court determined that Section 10(27) of the Income-tax Act excludes only income derived from livestock breeding, not the business itself, permitting losses from such activities to be set off against other income. The Court distinguished prior cases and held that the losses were admissible deductions, contrary to the Tribunal's decision. Both judges concurred on this outcome, with each party bearing their own costs. en-us Tue, 01 Jun 1982 00:00:00 +0530 Tue, 23 Feb 2010 15:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28537 The High Court ruled in favor of the assessee, allowing the losses from breeding horses and pigs to be set off against other income. The Court determined that Section 10(27) of the Income-tax Act excludes only income derived from livestock breeding, not the business itself, permitting losses from such activities to be set off against other income. The Court distinguished prior cases and held that the losses were admissible deductions, contrary to the Tribunal's decision. Both judges concurred on this outcome, with each party bearing their own costs. Case-Laws Income Tax Tue, 01 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28537