Business Losses Can't Offset Betting Income; Winnings Taxed at 40% u/s 115BB, Income Tax Act.

Setoff 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 No - 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. .....

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