https://www.taxtmi.com/caselaws?id=60600 The ITAT upheld the CIT(A)'s decision to allow the set off of losses from earlier years against the profit earned on the sale of race horses during the assessment year 1980-81. The ITAT determined that both the losses and profits fell under section 74A(2)(c), permitting the set off as they were from the same income source. The Department's appeal was dismissed, affirming the CIT(A)'s direction to allow the set off. en-us Fri, 06 May 1988 00:00:00 +0530 Fri, 07 Jan 2011 11:35:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60600 The ITAT upheld the CIT(A)'s decision to allow the set off of losses from earlier years against the profit earned on the sale of race horses during the assessment year 1980-81. The ITAT determined that both the losses and profits fell under section 74A(2)(c), permitting the set off as they were from the same income source. The Department's appeal was dismissed, affirming the CIT(A)'s direction to allow the set off. Case-Laws Income Tax Fri, 06 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60600