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2018 (9) TMI 969 - HC - Income TaxSetoff of busniss loss - whether loss sustained in business can be set off against betting and gambling income; and only the net income is to be taxed under Section 115-BB? - Held that:- Identical question of law, for the assessment year 1998-99, was considered by the Division Bench of this Court in Commissioner of Income Tax vs. Dr. M.A.M.Ramaswamy [2015 (1) TMI 439 - MADRAS HIGH COURT] wherein appeal filed by the revenue was allowed and the substantial question of law was answered in favour of the Revenue and against the assessee by holding total winnings from betting of the assessee should be brought to tax at the rate of 40% as contemplated under Section 115BB of the Act. The order passed by the Tribunal, which affirmed the order of the Commissioner of Income Tax (Appeals), is liable to be set aside. Accordingly, the order passed by the Tribunal is set aside.- Decided in favour of Revenue.
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