set off or carry forward

This query is : Resolved 

15 September 2016 purchase of horse for betting on horse race lawfully or illegally is allowed as an expense or not?

15 September 2016 it can be allowable expense for the owning and maintaining the race horse

15 September 2016 purchasing a horse is a capital expenditure. so how can it be an allowable expense?

16 September 2016 Car is a capital asset, may be for you and me but not for say Maruti Suzuki......
Can you think of horse on similar lines?


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