Case Law Details
CIT Vs Dr. M.A.M. Ramaswamy (Madras High Court)
Total income of winnings from betting (horse racing) of assessee, instead of net income from betting after deduction of business loss, should be brought to tax at the rate of 40% under section 115BB.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
This appeal, by the Revenue, is directed against the order passed by the Income Tax Appellate Tribunal, Madras “A” Bench, Chennai dated 11-7-2008 in ITA No. 14/Mds/08 relating to the assessment year 2004-05.
2. The learned Senior Standing Counsel for the Revenue has filed a memo dated 29-8-2018, reporting about the demise of the respondent/assessee and in his place, to implead his son as necessary contesting respondent, the memo filed by the Revenue, is ordered and the cause title is directed to be amended accordingly.
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