Definition of Business as per Section 35 ::

Court :
HC

Brief :
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

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

Definition of Business as per Section 35 C.I.T. Vs. U. P. Electronic Corporation Ltd. 2/2/2005 (2005) 276 ITR 45 (Allahabad) Case Fact: Whether the term "Business" u/s 35 would includes the consultancy services offered. 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

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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