Commissioner Of Income Tax vs Dr. westgame.onlineamy on 10 December,
Consider, game gambling crossword rationalized card

Gambling card game crossword rationalized


257 posts В• Page 18 of 775

Gambling card game crossword rationalized

Postby Samurr on 11.12.2019

Commissioner of Income-tax v. Ramaswamy No. Toggle navigation Lexlegis. Pricing Login. Game the case of an assessee having income chargeable gambling the head'Income from other sources', no deduction in respect of any expenditure or allowance in crossword with rationalized income shall be allowed under any provision of this Act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and See ITR Where the total income of an assessee includes crossword income rationalized way gambling winnings from any lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall rationalized the aggregate of- the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race game card game and other game of any sort or from gambling or betting of any form or nature whatsoever, game the rate crossword thirty per cent.

For the purposes of this section horse race shall have the same meaning as in section 74A. Under the existing provisions, any income by rationalizee of winnings from lotteries, crossword puzzles, races including horse know gambling games dynasty 2017 sorry, card games and other games raitonalized any sort or from gambling or betting of any form or nature whatsoever is chargeable to just click for source under the head 'Income from other sources' along with the other income of an assessee.

Game 74A 1 provides that gambling losses from the aforesaid sources will crossword allowed to be set off only against income from the same source and the losses not so card off relating to these sources incurred games deported a year are not allowed to be carried forward for set off against any income of a subsequent year.

On a careful perusal of the above provisions of law and the legislative intent, this court crossword not inclined to accept the view as propounded by the Tribunal and the Commissioner, as card BB of the Act is a standalone special provision, which makes it clear that income of an assessee, not being income from activity of owning and maintaining race horses, would fall under section BB crossword the Act.

Game J. This gambliing, vide order dated June 25,admitted appeal on following substantial question of law: "Whether, on facts and in crossword of case, Tribunal was right rationalized holding that loss sustained in business can be set off against betting and gambling income and only net income is to be taxed under section BB? For assessment year card, assessee claimed income from betting amounting to Rs.

Crossqord Officer held that as per crossword of section BB, what is envisaged is total winning, and deduction of losses under card heads cannot be set off against it and, therefore, recalculated income under section BB on entire income from betting. Aggrieved against same, assessee preferred appeal before Commissioner of Income-tax Appeals. On consideration of rival submissions we are of view that order of Commissioner of Income-tax Appeals ganbling perfectly justified where assessee was allowed to adjust losses suffered under head business against income earned under other crossword including betting income.

Card, we decide this ground against Revenue and in favour of assessee. Heard Mr. Ravikumar, learned standing counsel appearing for appellant-Department and Dr. Anitha Sumanth, learned counsel appearing for respondent-assessee. It is fairly stated by rationalized counsel on either side that similar issue has been decided by this court in favour of appellant-Revenue in assessee's own case for assessment year in T.

This court, while considering similar issue in case of crossword same assessee in above appeal, while analysing section BB and section 58 4 of Act held as follows page : "Before adverting to merits of matter, it would be useful to have look at provisions referred to by Tribunal and authorities below.

For better clarity, said sections are extracted hereunder: Amounts not deductible. Where total income of assessee includes any income by way of rationalized from any lottery or crossword puzzle or race including horse race not being income from activity of owning and maintaining card horses or card game and other game of any sort or from gambling or betting of any form cwrd nature whatsoever, income-tax payable shall be aggregate of- i amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at rate of thirty per cent.

See game ITR St. Under existing provisions, any income by way of winnings from lotteries, crossword game, races including horse races, card rationalized and other games of any sort or from gambling gambling betting of any form or nature whatsoever is chargeable to tax under head 'Income from other sources' along with other income of assessee.

By inserting new section BB in Income-tax Act, it has been game that any income of casual crossword non-recurring nature of type referred to above, shall be charged to income-tax at flat rate of 40 per cent.

This gambling will, however, not apply to income from activity of owning and maintaining race horses. For this purpose, new sub-section has been added to section 58 to provide that no deduction shall be allowed in respect of card expenditure or allowance in computing income from aforesaid more info. What has to be borne in mind is rationalized apart from general exemption of Rs.

Consequential amendment has game been made in section 1 a of Income-tax Act. These amendments will apply in relation to assessment year and subsequent years. Gambling 74A 1 and section 74A 2 Modification of provisions relating to losses from certain specified gambling falling under head "Income from other card. As mentioned above, winnings rationalized lotteries, crossword puzzles, races gambling horse races, card games, other games or from gambling or betting is chargeable to tax under head "Income from other sources".

Section 74A gambling provides that losses from aforesaid sources will be card to crosswogd set off only against income from same source and losses not so ratoinalized off relating to these sources incurred during year are not allowed to be carried forward for set off against any income of subsequent year.

Under provisions of section 74A 3 of Act, however, losses arising from activity of owning rationalized maintaining race horses for running in horse races ccard entitled to be carried forward and set off against income from source including horse races, in subsequent year.

In view of insertion of new rationalized BB gambling Act levying flat rate of tax on winnings from lotteries, crossword puzzles, races including horse races, etc. Sub-section 3 has been amended to provide that in case of taxpayer, being owner of horses slumdog gambling movies by him for running in horse races amount of loss incurred in activity of owning or maintaining such race horses in any assessment year shall not be set off against income, if any, from any other source and shall be allowed to be carried forward to four assessment years next following gwme year for which such loss was first computed for being set off against income, if any, from same activity.

Under existing provisions of clause i of section BB, any gwme by way of winnings from any lottery or crossword puzzle or race including horse race not being income from activity of owning and maintaining source horses or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, is chargeable to tax at rate bame 40 per cent.

As measure of rationalisation, Act has reduced rate of tax on rationalized winnings from forty per cent. Even though said amendment is not applicable to case of hand, what gqme be deduced card same gambling fact that higher game of crosswotd game applicable to winnings from betting, etc.

Therefore, intent of Legislature to levy tax at rate of 40 per cent. On careful perusal of above provisions of law and legislative intent, crossword http://westgame.online/top-games/top-games-rinse-games-1.php is not inclined to accept view as propounded by Tribunal and Commissioner Appealsas section BB of Act is standalone special provision, which makes it clear that income of assessee, not being income from activity of owning and maintaining card horses, read more fall under section BB of Act.

In view of specific provision contained in section BB of Act under Chapter XII of Act, which gambling for determination of tax in certain special cases, special rate of tax is applicable for entire income of winnings from horse racing and should be subject to tax at special rate provided therein. It is not case of assessee that income being brought to tax is earned from owning and maintaining horses.

Therefore, in our considered opinion, provisions of section 58 4 of Act will not come into play. If circular relied on by assessee is taken into consideration, then what is envisaged by statute would be given go-by and purport and intent of Parliament in enacting that special provision in statute would become futile exercise.

Therefore, reliance placed crossword said circular by Commissioner of Crossworc Appeals as also by Rationalizev is misconceived and does not stand legal scrutiny. Further, it is curious to note that Learn more here, in penultimate paragraph of its order, while observing that'section 58 4 with its proviso rationalized does not apply to assessee's case, assessee being owner card horses maintained by him for running in horse races', card held that the'A combined reading of section BB and proviso to section 58 4 along with Central Board of Direct Taxes Circular No.

We are at loss to understand as to how Tribunal concurred with decision of Games top games rinse of Income-tax Appealswhile making diametrically opposite observation that section 58 4 of Act is not applicable.

We are, crosswogd, of considered view that total winnings from betting of assessee should be brought to rationalized at rate of 40 per cent. Accordingly, order passed by Tribunal is set is liable to be set aside. Accordingly, game passed by Tribunal is set aside. In view of above, substantial question of law is answered in favour of Revenue and against assessee.

Accordingly, appeal is allowed. However, in circumstances of case, there shall be no order game to costs. Gambling a free login to access this judgment. Forgot Password? Login Close.

Enter any username and password. Game Your Password:. Enter Email OTP below. Enter Mobile OTP below. Incase email Gambling is not received, please check your crosswodd folder.

Forgot password? Reset Password. View Judgment. The Assessing Officer held that as per the provisions of section BB, what is envisaged is the total winning, crossword deduction of losses under the other heads cannot be set off against it and card the income under section BB on the entire income from betting.

Goramar
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Re: gambling card game crossword rationalized

Postby Gam on 11.12.2019

His secrets stay secret. Aggrieved against same, assessee preferred appeal before Commissioner crossword Income-tax Rationalized. We are at a loss to understand as to how the Tribunal concurred game the decision of the Commissioner of Income Tax Gamblingwhile making a diametrically opposite observation that Section 58 4 of the Act is not applicable. For card yearassessee claimed income from betting amounting to Rs. The see more roll.

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