https://www.taxtmi.com/caselaws?id=58134 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection in part. It affirmed the treatment of wagering loss as a deductible expenditure under section 57(iii) of the IT Act. The income from horse-racing and betting was classified as business income rather than income from other sources. However, the Tribunal held that horses do not qualify as 'plant' for depreciation purposes, denying the allowance of depreciation on the maintained horses. en-us Sun, 16 May 1982 00:00:00 +0530 Fri, 17 Dec 2010 15:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58134 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection in part. It affirmed the treatment of wagering loss as a deductible expenditure under section 57(iii) of the IT Act. The income from horse-racing and betting was classified as business income rather than income from other sources. However, the Tribunal held that horses do not qualify as 'plant' for depreciation purposes, denying the allowance of depreciation on the maintained horses. Case-Laws Income Tax Sun, 16 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58134