1998 (12) TMI 11

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he horses maintained by the assessee were intended for races and the expenditure incurred on them was to make those horses quite fit and ready for races notwithstanding whether they ran in the races or not. It has also held that the participation of those horses in the race in the previous year relevant to the assessment year is not a pre-condition for claiming the expenditure that had been incurr....