1924 (12) TMI 3

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... re the profits or losses arising from wagering contracts to be taken into account in an assessment for income-tax purposes", in the affirmative. There is no ground for saying that the profits arising from an illegal business are not taxable. There is not a word in the Act to suggest anything of the kind, arid it is a fallacy to say because the taxing authority levies from a person who is carr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... entirely gaming and wagering. Section 11 provides that the tax shall be payable under the head of professional earnings in respect of the profits of any vocation followed by the assessee. In the year 1886 the English Courts decided and the decision has never been called in question, that a bookmaker attending a race course was carrying on a vocation; Patridge v. Mallandaine 56 L.J.Q. 251. Where b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Although it is not strictly relevant, we may point out "that any other view would result in an enormous burden being placed upon the Income-Tax authorities, namely of deciding in every single transaction, which appeared in the books of any as sessae in their jurisdiction to be of a speculative nature, whether it was a gaming transaction within the meaning of the Contract Act, and, therefore, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X