Hi
I have a doubt regarding charging section 22 for income from HP. Where HP is used for the purposes of own business then it will not be taxed under sec 22.
What does used for business mean? Does it mean as cost reduction apparatus like used a storage etc or a profit making apparatus like let out on lease? Does it mean a passive use like held idle as stock in trade or an active use? Due to many decisions taken by the courts I need clarity on the interpretation.
CAclubindia
