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Definition of business

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(Querist)
12 June 2014 Can we define the business on the basis of sale?
In other words if sale proceeds are coming then u r doing business otherwise u r not doing any business?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
13 June 2014 not necessarily. for charitable entities, sale may not amount to doing business. Also, there may be cases where you are doing business but there are no sales for reasons such as pre-launch research, extended slack period in markets etc

however, in generality, sales would amount to doing business.
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