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TMI BlogSERVICE TAX TERMINOLOGY – PART-IIIX X X X Extracts X X X X X X X X Extracts X X X X ..... SERVICE TAX TERMINOLOGY – PART-III - By: - Dr. Sanjiv Agarwal - Service Tax - Dated:- 30-4-2012 - - Betting or gambling (Clause 15) "betting or gambling" means putting on stake something of value, particularly money, with consciousness of risk and hope of gain on the outcome of a game or a contest, whose result may be determined by chance or accident, or on the likelihood of anything occur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring or not occurring. Betting is a form of wagering contract in which money or money s worth is made payable by the parties on the result of an uncertain event, usually a game or sport. There is no gaming in which the element of the wager is wanting but there is betting which the term Gambling is not commonly used to express. Though betting and gambling each has a meaning more or less dif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferent from the other, is often, used for the other. Gambling according to the common use and understanding of that word is a generic term, and includes within the meaning every act, game, and contrivance by which one intentionally exposes money or other thing of value to the risk or hazard of lass by chance. According toOxforddictionary , Betting means the action of gambling money on the outc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome of a race, game, or other predictable event. Gambling means playing game of chance for money or risky action undertaken with the hope of success. According to Advanced Law Lexicon by P. Ramanatha Aiyar, 3 rd ed, 2005, in common usage the term "betting" may sometimes be employed interchangeably with gaming, but not always. If two persons play at cards for money they are said to be gambling ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or gaming; but they are gaming because they lay a wager, or make a bet on the result of the game; and therefore to say they are betting is equally appropriate. If two persons lay a wager on the result of a pending election, it will be said that they are betting, but not that they are gaming. There is no gaming in which the element of the wager is wanting, but there is betting which the term" gami ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng" is not commonly use to express. (People v. Weith of , 47 Am. Rep. 557). Some other meaning of gambling are as follows Gambling according to the common use and under standing of that word is a generic term, and includes within its meaning every act, game, and contrivance by which one intentionally exposes money or other thing of value to the risk or hazard of loss by chance Risk ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taking for the purpose of gain or loss, based on games of chance, sports outcomes, or games of skill and chance. (Cyber Law) Applied figuratively to the commitment of money on, any highly risky venture. Gambling on a stock market is similar to speculation in that it is shorter-teffi1. riskier and less serious-minded than investment. See' also bet the ranch. (Banking) The Act of betting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... money that a particular uncertain event will happen, involving a high degree of risk. A bookmaker or casino owner euphemistically calls it, speculation, with the stake as an investment. (Investment) The act of risking something of value, esp. money, for a chance to win a prize. Gambling is regulated by state and federal law. 18 USCA Ss. 1081 et seq.-Also termed gaming. (Black, 7th Edn.. /9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 99). Gaming in all its forts is too big an evil for the regulation of positive law. Subject it to that, and the event is you restrain it not at all; but the honest party, suffers doubly; and the knave escapes and triumphs. The former loses, he pays; it is a debt of honour: the latter happens to lose, then the condition is changed: would have taken, if I had won; but now, I'll pay you in law. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is is gaming very high indeed Lord. "Mansfield, Coote v. Thackeray, (1773) Lofft. 153. Gambling and gaming are frequently treated as synonymous, although gaming commonly applies to playing with stakes at cards dice, or their contrivance to determine which shall be the winner and which the loser. A wager is a contract by which two or more' parties agree that a certain sum of money or other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing of value shall be paid or delivered to one of them upon the happening of an uncertain event; it implies that each of the parties shall jeopardize something and have a chance to gain something or to recover the stakes or thing bet or wagered upon the determining of the contingent or of uncertain event in his favour, and hence is a form of gambling. = = = = = = = = = = - - Scholarly arti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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