Setoff of busniss loss - whether loss sustained in business can ...

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

September 17, 2018

Case Laws Income Tax HC

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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Setoff of busniss loss - whether loss sustained in business can ...

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

September 17, 2018

Case Laws Income Tax HC

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