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Horse Race Stake Money Exempt from TDS: ITAT Mumbai
Case Law Details
- Case Name
- Royal Western India Turf Club Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Royal Western India Turf Club Limited Vs ITO (ITAT Mumbai)
In a significant ruling for the horse racing industry, the Income Tax Appellate Tribunal (ITAT) Mumbai bench has affirmed that “stake money” received by horse owners from race clubs is not subject to Tax Deducted at Source (TDS) under either Section 194B or Section 194BB of the Income Tax Act, 1961. The decision came in the appeal filed by the Royal Western India Turf Club Limited (RWITC) against a demand of over ₹19.47 crore, including interest, for the Assessment Year 2016-17.
The Tribunal’s order...
Author Info
Thanks for sharing case law, very informative ^ useful in TDS matters