Definition of Business as per Section 35 ::

Last updated: 07 September 2007

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok