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Definition of Business as per Section 35

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Court :

Brief :
Case Fact: Whether the term "Business" u/s 35 would includes the consultancy services offered.

Citation :
C.I.T. Vs. U. P. Electronic Corporation Ltd.

Decision: Held by the Hon'ble court the expenditure u/s 35 of the Act is allowable only when such expenditure expended or related to business. The assessee derived income from consultancy services,preparation of feasibility report and other concerned activities.Thus the assessee entitled for allowance of the expenditure incurred on scientific research which was related to its business
 

CA. A. Kumar
on 10 July 2008
Published in Income Tax
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