law: The Income-Tax Act, 1961
  (i) in a case where the assessee has no income by way of stake money, the amount of expenditure (not being in the nature of capital expenditure) laid out or expended by him wholly and exclusively for the purposes of maintaining race horses;
  (ii) in a case where the assessee has income by way of stake money, the amount by which such income falls short of the amount of expenditure (not being in the nature of capital expenditure) laid out or expended by the assessee wholly and exclusively for the purposes of maintaining race horses;
  (b) "horse race" means a horse race upon which wagering or betting may be lawfully made;
  (c) "income by way of stake money" means the gross amount of prize money received on a race horse or race horses by the owner thereof on account of the horse or horses or any one or more of the horses winning or being placed second or in any lower position in horse races.]
  2. Ins. by Act 16 of 1972, s. 11 (w.e.f. 1-4-1972).
  3. Sub-sections (1) and (2) omitted by Act 23 of 1986, s. 16 (w.e.f. 1-4-1987).
  4. Ins. by Act 20 of 1974, s. 6 (w.e.f. 1-4-1975).
  5. The words "Where for any assessment year" omitted by Act 23 of 1986, s. 16 (w.e.f. 1-4-1987).
  6. Subs. by s. 16, ibid., for certain words (w.e.f. 1-4-1987).
  7. Subs. by s. 16, ibid., for "from the source specified in clause (c) of sub-section (2)" (w.e.f. 1-4-1987).