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1998 (12) TMI 11 - MADRAS HIGH COURTExtract: .......on. There is no dispute that the horses were maintained for participation in the races and as such the expenditure incurred on the maintenance would be covered by the provisions of section 74A(3) of the Income-tax Act which is a revenue expenditure. The question referred to us is answered in favour of the assessee and against the Revenue. No costs.
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