https://www.taxtmi.com/caselaws?id=796001 Online gaming winnings are taxable only to the extent of real net gains after adjusting buy-in amounts, not on cumulative wallet credits representing deposits, redeployed funds, or intermediate transactions. The pre-amendment expression "income by way of winnings" requires identification of actual winnings before the deduction restriction applies. The later net-winnings framework for online games, including provisions on tax deduction and computation, is described as clarifying this principle. Where gross wallet credits are lower than buy-ins and result in a net gaming loss, no taxable income arises from gaming winnings; gross credits cannot be assessed as income. en-us Thu, 23 Jul 2026 00:00:00 +0530 Thu, 30 Jul 2026 08:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796001 Online gaming winnings are taxable only to the extent of real net gains after adjusting buy-in amounts, not on cumulative wallet credits representing deposits, redeployed funds, or intermediate transactions. The pre-amendment expression "income by way of winnings" requires identification of actual winnings before the deduction restriction applies. The later net-winnings framework for online games, including provisions on tax deduction and computation, is described as clarifying this principle. Where gross wallet credits are lower than buy-ins and result in a net gaming loss, no taxable income arises from gaming winnings; gross credits cannot be assessed as income. Case-Laws Income Tax Thu, 23 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796001