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2018 (10) TMI 1505 - HC - Income TaxIncome on betting - Set-off of busniss loss against betting and gambling income - whether 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 CIT Vs. Dr. M.A.M.Ramaswamy [2015 (1) TMI 439 - MADRAS HIGH COURT] as held not inclined to accept the view as propounded by the Tribunal and the Commissioner (Appeals), as Section 115BB of the Act is a standalone special provision, which makes it clear that income of an assessee, not being income from activity of owning and maintaining race horses, would fall under Section 115BB of the Act. 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. - Decided against assessee.
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