could ny1 explain me the statement "though wagering contract is void, transactions coincidental to wagering transactions are not void"
Sameer
(EXPERT)
(173 Points)
Replied 21 April 2012
wagering agreement
A and B bet as to whether it would rain on a particular day or not A promising to pay Rs. 100 to B if it rained, and B promising an equal amount to A, if it did not. This agreement is wager.
matter coincidental to wagering contract
A borrows Rs. 500 from B to pay to C, to whom B has lost a bet. Contract between A and B is valid.contract between B & C is wagering contract & hence void.But contract between A & B is matter coincidental to awgering contract hence valid
hope u understand
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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