https://www.taxtmi.com/caselaws?id=60646 The court ruled in favor of the assessee in a case involving the deduction of tax on winnings from horse races. It held that tax should be deducted on net winnings, not gross, based on relevant circulars and the interpretation of "income by way of winnings." The court deleted the tax and interest levies for certain amounts and canceled penalties under sections 271C and 221. The court upheld tax and interest for a specific amount but decided against further penalties, considering the circumstances. en-us Fri, 14 Jan 2000 00:00:00 +0530 Fri, 07 Jan 2011 13:20:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60646 The court ruled in favor of the assessee in a case involving the deduction of tax on winnings from horse races. It held that tax should be deducted on net winnings, not gross, based on relevant circulars and the interpretation of "income by way of winnings." The court deleted the tax and interest levies for certain amounts and canceled penalties under sections 271C and 221. The court upheld tax and interest for a specific amount but decided against further penalties, considering the circumstances. Case-Laws Income Tax Fri, 14 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60646