TaxTMI 
TaxTMI 
Losses from certain specified sources falling under the head Income from other sources
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....or running in horse races (such horses being hereafter in this sub-section referred to as race horses), 6[the amount of loss incurred by the assessee in the activity of owning and maintaining race horses in any assessment year shall not be set off against income, if any, from any source other than the activity of owning and maintaining race horses in that year and] shall, subject to the other prov....
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....d by the assessee in the activity of owning and maintaining race horses" means- (i) in a case where the assessee has no income by way of stake money, the amount of expenditure (not being in the nature of capital expenditure) laid out or expended by him wholly and exclusively for the purposes of maintaining race horses ; (ii) in a case where the assessee has income by way of stake money, the am....
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....87 before it was read as, "(1) Where the net result of the computation made for any assessment year in respect of any source falling under the head "Income from other sources" and being a source specified in sub-section (2), is a loss, such loss shall not be set off against income, if any, from any other source under that head or against income under any other head." Earlier, Amended vide Secti....