TMI BlogLosses from certain specified sources falling under the head Income from other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... g the owner of horses maintained by him for running in horse races (such horses being hereafter in this sub-section referred to as race horses), 6 [ the amount of loss incurred by the assessee in the activity of owning and maintaining race horses in any assessment year shall not be set off against income, if any, from any source other than the activity of owning and maintaining race horses in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he purposes of this sub-section- ( a ) amount of loss incurred by the assessee in the activity of owning and maintaining race horses means- ( i ) in a case where the assessee has no income by way of stake money, the amount of expenditure (not being in the nature of capital expenditure) laid out or expended by him wholly and exclusively for the purposes of maintaining race horses ; ( ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Earlier, it was amended by the Finance Act, 1974, w.e.f. 1-4-1975. 3. Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. 4. Inserted by the Finance Act, 1974, w.e.f. 1-4-1975. 5. Words Where for any assessment year omitted by the Finance Act, 1986, w.e.f. 1-4-1987. 6. Substituted for the net result of the computation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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