The word business has seen a lot of dispute between tax payer and the tax department , because the income from business is assessed in an exclusive head “Profit & Gains from Business or Profession ” under section 28 to section 44 of the Income Tax Act. The computation os the income or loss from business is quite different . Now section 2(13) of the Income Tax Act defines business as under :
(13) “business”includes any trade, commerce or manufacture or any adventureor concern in the nature of trade, commerce or manufacture
Naturally when the definition of a simple word “Business” can be so complex , the matter will reach various Tribunals and Courts . So , here is what is the thought of courts on the meaning of the word “business” .