A Bengaluru-based gamer who ploughed substantial sums into online rummy and poker ended with a net loss of about ₹28 lakh after wagering more than ₹2 crore.
The Income Tax Appellate Tribunal (ITAT) ruled that ₹2.33 crore of the winnings should not be taxed in this case, effectively denying tax on that amount.
Key figures
- Wagered amount: around ₹2.6 crore
- Winnings: ₹2.33 crore
- Net result: loss of about ₹28 lakh
