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2002 (10) TMI 76 - HC - Income TaxAssessee raises the question of jurisdiction of the Inspecting Assistant Commissioner in the draft assessment proceedings under section 144B of the Act, and the Tax Case No. 210 of 1986, at the instance of the Revenue, raises the question of the taxability of receipts derived by the assessee from the sale and lease of the race horses which were claimed by the assessee as receipts from the hobby of the assessee. - "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the income derived by the assessee from lease of horses and sale of horses arising out of a 'hobby' and cannot be taxed under the Income-tax Act? - 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the horses constituted personal effects of the assessee within the meaning of section 2(14)(ii) and, therefore, the gains arising from their sale cannot be taxed under the head 'Capital gains'?" - We are therefore of the view that the first question of law required to be answered in favour of the Revenue and against the assessee and the second question is not required to be answered.
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