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TMI Blog1999 (10) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee for the purpose of running them in horse-races. The assessee incurred expenditure on such maintenance during the previous year relevant to the assessment year 1979-80. The horses so maintained by the assessee did not participate in any of the races during that year and the assessee did not have any income from participation in races including horse-races in that year. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income. The heads listed therein from A to F are salaries, interest on securities, income derived from house property, profits and gains of business or profession, capital gains and income from other sources. The heads so listed in section 14 are subject to what has been provided elsewhere in the Act. Section 14 opens with the words "Save as otherwise provided by this Act...". Section 74A(2) is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the head "Races including horseraces". The absence of income from horse-races in that year, does not have the effect of permitting the computation being made under some other source of income. All expenditure incurred by the assessee owning horses and who maintains horses for running in horse-races must necessarily be computed under the source specified in section 74A(2) and no other. If th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness, in the case of horse-races and expenditure incurred by the owner of race-horses in their maintenance also, the loss is to be computed under the source "races including horse-races", and the loss if any carried forward in the manner provided under section 74A(3). We, therefore, answer the question referred to us, namely, "whether, on the facts and in the circumstances of the case, the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
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