Income from betting (horse racing) | Taxability | Net Vs. Total Income

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 29-8-2...