https://www.taxtmi.com/caselaws?id=36200 The court held that losses from horse racing activities cannot be set off against income from other heads as the income from such activities is exempt from taxation. Additionally, the surplus from the sale of plots of land was deemed not to be profits from an adventure in the nature of trade but rather a realization of a capital investment. Therefore, the court ruled in favor of the revenue regarding the losses from horse racing activities and against the revenue regarding the surplus from the sale of land. en-us Wed, 08 Mar 1978 00:00:00 +0530 Sat, 20 Mar 2010 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36200 The court held that losses from horse racing activities cannot be set off against income from other heads as the income from such activities is exempt from taxation. Additionally, the surplus from the sale of plots of land was deemed not to be profits from an adventure in the nature of trade but rather a realization of a capital investment. Therefore, the court ruled in favor of the revenue regarding the losses from horse racing activities and against the revenue regarding the surplus from the sale of land. Case-Laws Income Tax Wed, 08 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36200