furtherance of business

With the inclusive definition of Sec 2(17) of the Act,  it is explicit that "Business"  is in relation to the specified activity....trade means trader or trading.... manufacture means manufacturer......profession means  professional services..... etc.    These all issues will crop up in the course of availing of Input Tax Credit,  which was hitherto remained controversial in the Modvat as well as Cenvat regime.  Conflicting Judicial Decisions and piece-by-piece Govt Circulars will pour into action in the coming days !!