CIT v. Malayalam Plantations Ltd.

53 ITR 140Supreme Court of India1964#460 most cited

What is CIT v. Malayalam Plantations Ltd. authority for?

The expression "for the purpose of business" is wider in scope than "for the purpose of earning profits" and encompasses expenditures made for commercial expediency, business preservation, administration, and modernization.

201

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2006 to 2025.

Also referred to as

CIT v. Malayalam Plantations Ltd. · 53 ITR 140 · Section 37 · Section 36(1)(iii) · Income Tax Act 1961 · for the purpose of business · commercial expediency · scope of business purpose · deductibility of expenditure · earning profits

Sections most often in play

Section 36(1)(iii)Section 1961Section 143(3)Section 37Section 1872: Section 62Section 194(I)(b)Section 1963: Rule 29Section 24

Issues it is cited on

recognised provident fundsection 50bsection 43b(f)approved gratuity fundsection 40a(9)section 211wholly and exclusively for businesssection 35dslump salesection 32(1)(ii)domestic companyfull value of consideration

Judgments citing CIT v. Malayalam Plantations Ltd.

M/S Bharti Teletech Limited vs. DCIT, Circle-2(1)

ITA 753/DEL/2007[2003-2004]Status: DisposedITAT Delhi29 Apr 2016AY 2003-2004

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Anil Bhalla, CAFor Respondent: Shri K.K. Jaiswal, DR
Section 143(2)Section 32Section 32(1)(ii)

…rcial expediency. 10 ITA No.753/Del./2007 30. It has been repeatedly held by this court that the expression "for the purpose of business" is wider in scope than the expression "for the purpose of earning profits" vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC),CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC], etc.” 17. Ltd. (supra), we are of the considered view that when AO has not disputed that the loan was advanced to M/s. Bharti Infotec Ltd. as per Memorandum and Articles of Association to promote business of its subsidiary, the interest claimed by assessee thereon ca…

DCIT, Circle -2, Kolkata vs. M/S. Bata India Ltd., Kolkata

In the result, the appeal by the Assessee is partly allowed while the appeal by the Revenue is dismissed

ITA 365/KOL/2012[2004-05]Status: DisposedITAT Kolkata06 Apr 2016AY 2004-05

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 365/Kol/2012 Assessment Year : 2004-05

For Appellant: Shri Ajay Vohra, Sr.Advocate &For Respondent: Shri G.Mallikarjuna,CIT
Section 139(1)Section 2(24)(x)Section 36(1)(va)Section 36(6)(va)Section 43B

…r to incur any expenditure or not for the purpose of business and the revenue authorities cannot sit in judgment over the same. In this regard attention was drawn to several judicial pronouncements some of which are as follows :- a) CIT vs Malabar Plantations 53 ITR 140 b) Madhav Prasad Jhatia vs CIT 118 ITR 200 Reference was also made to the decision of the ITAT, Kolkata Bench in the case of NLC Nalco India Ltd. Vs DCIT in ITA NO.529/Kol/2008 order dated 03.02.2016 wherein this Tribunal held on identical transfer pricing adjustment that the disallowance made cannot be sustained. 26. We have considered the rival…

M/S. Bata India Limited, Kolkata vs. DCIT, Circle - 2, Kolkata

In the result, the appeal by the Assessee is partly allowed while the appeal by the Revenue is dismissed

ITA 327/KOL/2012[2004-05]Status: DisposedITAT Kolkata06 Apr 2016AY 2004-05

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 365/Kol/2012 Assessment Year : 2004-05

For Appellant: Shri Ajay Vohra, Sr.Advocate &For Respondent: Shri G.Mallikarjuna,CIT
Section 139(1)Section 2(24)(x)Section 36(1)(va)Section 36(6)(va)Section 43B

…r to incur any expenditure or not for the purpose of business and the revenue authorities cannot sit in judgment over the same. In this regard attention was drawn to several judicial pronouncements some of which are as follows :- a) CIT vs Malabar Plantations 53 ITR 140 b) Madhav Prasad Jhatia vs CIT 118 ITR 200 Reference was also made to the decision of the ITAT, Kolkata Bench in the case of NLC Nalco India Ltd. Vs DCIT in ITA NO.529/Kol/2008 order dated 03.02.2016 wherein this Tribunal held on identical transfer pricing adjustment that the disallowance made cannot be sustained. 26. We have considered the rival…

I.T.O WD - 56(2), Kolkata vs. Salarpuria Soft Zone, Kolkata

In the result, the appeals of assessee are allowed and that of revenue are dismissed

ITA 813/KOL/2013[2009-10]Status: DisposedITAT Kolkata29 Feb 2016AY 2009-10

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

For Appellant: Shri Sidharth Jhajahria, CAFor Respondent: Shri: Niraj Kumar, CIT-Dr
Section 143(3)Section 80I

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” In the process, the Court also agreed that the view taken by the Delhi High Court in 'CIT v. Dalmia Cement (B.) Ltd.' [2002 (254) ITR 377] wherein the High Court had held that once it is established that there is nexus between the expenditure and the purpose o…

M/S Salarpuria Soft Zone, Kolkata vs. J.C.I.T RG - 56, Kolkata

In the result, the appeals of assessee are allowed and that of revenue are dismissed

ITA 666/KOL/2013[2009-10]Status: DisposedITAT Kolkata29 Feb 2016AY 2009-10

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

For Appellant: Shri Sidharth Jhajahria, CAFor Respondent: Shri: Niraj Kumar, CIT-Dr
Section 143(3)Section 80I

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” In the process, the Court also agreed that the view taken by the Delhi High Court in 'CIT v. Dalmia Cement (B.) Ltd.' [2002 (254) ITR 377] wherein the High Court had held that once it is established that there is nexus between the expenditure and the purpose o…

M/S Salarpuria Soft Zone, Kolkata vs. J.C.I.T RG - 56, Kolkata

In the result, the appeals of assessee are allowed and that of revenue are dismissed

ITA 665/KOL/2013[2008-2009]Status: DisposedITAT Kolkata29 Feb 2016AY 2008-2009

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

For Appellant: Shri Sidharth Jhajahria, CAFor Respondent: Shri: Niraj Kumar, CIT-Dr
Section 143(3)Section 80I

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” In the process, the Court also agreed that the view taken by the Delhi High Court in 'CIT v. Dalmia Cement (B.) Ltd.' [2002 (254) ITR 377] wherein the High Court had held that once it is established that there is nexus between the expenditure and the purpose o…

I.T.O WD - 56(2), Kolkata vs. Salarpuria Soft Zone, Kolkata

In the result, the appeals of assessee are allowed and that of revenue are dismissed

ITA 581/KOL/2013[2008-2009]Status: DisposedITAT Kolkata29 Feb 2016AY 2008-2009

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

For Appellant: Shri Sidharth Jhajahria, CAFor Respondent: Shri: Niraj Kumar, CIT-Dr
Section 143(3)Section 80I

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” In the process, the Court also agreed that the view taken by the Delhi High Court in 'CIT v. Dalmia Cement (B.) Ltd.' [2002 (254) ITR 377] wherein the High Court had held that once it is established that there is nexus between the expenditure and the purpose o…

The Karnataka State Co-Operative Apex Bank Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, grounds of appeal Nos

ITA 1372/BANG/2014[2007-08]Status: DisposedITAT Bangalore29 Feb 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raothe Karnataka State Co-Operative Apex Bank Ltd., ‘Uthunga’, No.1, Pmk Road, Chamarajpet, Bangalore-560018. … Appellant Pan:Aabat 0269 J Vs. Deputy Commissioner Of Income-Tax, Circle 3(1), Bangalore. … Respondent

For Appellant: Shri Bharath L, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 28

…ent out of above funds is an expenditure laid out ‘wholly and exclusively for the purpose of business’. The expression ‘for the purpose of business’ had come up for interpretation before the Hon’ble Apex Court in the case of CIT vs. Malayalam Plantations Ltd.(53 ITR 140) wherein it was held that the expression ‘for the purpose of business’ is wider in scope than the expression ‘for the purpose of earning profits’. It may include not only the day-today running of business but also rationalisation of its administration and modernisation of its machinery; it may include measures for the preservation of the business…

M/S. Rl Exports International, New Delhi vs. DCIT, New Delhi

In the result, the appeal filed by the assessee is, therefore, allowed

ITA 625/DEL/2013[2008-09]Status: DisposedITAT Delhi11 Feb 2016AY 2008-09

Bench: Shri N.K. Saini & Smt. Beena Pillai

Section 143(2)Section 143(3)Section 250

…urred on grounds of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT vs. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC)], CIT vs. Birla Cotton Spinning & Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” 10. Further the Hon’ble Supreme Court in the case of Hero Cycles (supra) has observed as under: “In the process, the Court also agreed that the view taken by the Delhi High Court in CIT vs. Dalmia Cement (B.) Ltd. [2002 (254) ITR 377], wherein the High Court…

M/S. Paliwal Infrastructure (P) Ltd., New Delhi vs. ACIT, New Delhi

In the result, appeals of the assessee are allowed

ITA 1978/DEL/2011[2007-08]Status: DisposedITAT Delhi08 Feb 2016AY 2007-08

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 1978 & 1979/Del/2011 : Asstt. Years : 2007-08 & 2008-09 M/S Paliwal Infrastructure (P) Ltd. Vs Deputy Commissioner Of Income B-14, Greater Kailash-1, Tax, Circle-12(2), New Delhi Bangalore (Appellant) (Respondent) Pan No. Aabcr7764E Assessee By : Sh. Satish Kumar Goel, Adv. Revenue By : Smt. Rasmita Jha, Sr. Dr Date Of Hearing : 16.12.2015 Date Of Pronouncement : 08.02.2016 Order Per N. K. Saini, Am:

For Appellant: Sh. Satish Kumar Goel, AdvFor Respondent: Smt. Rasmita Jha, Sr. DR
Section 143(1)Section 80I

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.” In the process, the Court also agreed that the view taken by the Delhi High Court in 'CIT v. Dalmia Cement (B.) Ltd.' [2002 (254) ITR 377] wherein the High Court had held that once it is established that there is nexus between the expenditure and the purpose of…

E-City Investments & Holdings Co. Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 8(1) (OSD), Mumbai

The appeal of the assessee is allowed

ITA 8382/MUM/2011[2008-09]Status: DisposedITAT Mumbai03 Feb 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 E-City Investments & Holdings Dcit, Company Private Limited, Range-8(1)(Osd), बनाम/ 844/4, Shah Industrial Estate, Aayakar Bhavan, Vs. Off. New Link Road, Opp. M.K. Road, Laxmi Industrial Estate, Mumbai-400020 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaace8030F "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta राज"व क" ओर से / Revenue By Mr.J. Saravanan -Dr

Section 143(3)Section 36(1)(iii)

…ern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression " for the purpose of business" is wider in scope than the expression " for the purpose of earning profits" vide CIT v. Malayalam Plantations Ltd. [1964] 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971] 82 ITR 166 (SC), etc. 31. The High Court and the other authorities should have examined the purpose for which the assessee advanced the money to its sister concern, and what the sister concern did with this money, in order to decide whether it was for commercial expediency, but that…

D.C.I.T. Cir - 10, Kol, Kolkata vs. M/S Singha Singh Roy & Associates Pvt Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1747/KOL/2012[2007-08]Status: DisposedITAT Kolkata20 Jan 2016AY 2007-08

Bench: : Shri M. Balaganesh

For Appellant: Shri R.K Kureel, JCIT, ld.Sr.DRFor Respondent: Shri Prasun Kumar Bhattacharya, Advocate, ld.AR
Section 143(3)

…oncern was by way of commercial expediency. 30. It has been repeatedly held by this court that the expression "for the purpose of business" is wider in scope than the expression "for the purpose of earning profits" vide CIT v. Malayalam Plantations Ltd. [1964 53 ITR 140 (SC), CIT v. Birla Cotton Spinning and Weaving Mills Ltd. [1971 82 ITR 166 (SC)], etc.' 13. In the process, the Court also agreed that the view taken by the Delhi High Court in CIT v. Dalmia Cement (P.) Ltd. [2002] 254 ITR 377/121 Taxman 706 wherein the High Court had held that once it is established that there is nexus between the expenditure an…

Tac Resources (I) Pvt Ltd., Chennai vs. ACIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 978/CHNY/2014[2007-08]Status: DisposedITAT Chennai11 Dec 2015AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A.Nos. 977 & 978/Mds/2014 "नधा"रण वष" /Assessment Years : 2006-07 & 2007-08. Tax Resources (I) Pvt. Ltd, Vs. The Assistant Commissioner No.224 & 232 Okkiam Of Income Tax, Thoraipakkam, Company Circle Iii(1) Chennai 600 096. Chennai.

For Appellant: Shri. R. Vijayaraghavan, AdvocateFor Respondent: Dr. B. Nischal, IRS, JCIT
Section 143(1)Section 143(3)Section 148

…m an apparent taint of excessiveness, collusiveness or colourable discretion and always the nature of expenditure has to be judged in the light of commercial practice and trading principles. The Apex Court has held in CIT vs. Malayalam Plantations Ltd (1964) 53 ITR 140(SC) that the ITA Nos.977 & 978/Mds/2014. :- 10 -: expression ‘’ for the purpose of the business’’ is wider in scope than the expression ‘’ for the purpose of earning profits’’ as observed at page 150 as under:- The aforesaid discussion leads to the following result: The expression "for the purpose of earning business" is wider in scope than the…

Tac Resources (I) Pvt Ltd., Chennai vs. ACIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 977/CHNY/2014[2006-07]Status: DisposedITAT Chennai11 Dec 2015AY 2006-07

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A.Nos. 977 & 978/Mds/2014 "नधा"रण वष" /Assessment Years : 2006-07 & 2007-08. Tax Resources (I) Pvt. Ltd, Vs. The Assistant Commissioner No.224 & 232 Okkiam Of Income Tax, Thoraipakkam, Company Circle Iii(1) Chennai 600 096. Chennai.

For Appellant: Shri. R. Vijayaraghavan, AdvocateFor Respondent: Dr. B. Nischal, IRS, JCIT
Section 143(1)Section 143(3)Section 148

…m an apparent taint of excessiveness, collusiveness or colourable discretion and always the nature of expenditure has to be judged in the light of commercial practice and trading principles. The Apex Court has held in CIT vs. Malayalam Plantations Ltd (1964) 53 ITR 140(SC) that the ITA Nos.977 & 978/Mds/2014. :- 10 -: expression ‘’ for the purpose of the business’’ is wider in scope than the expression ‘’ for the purpose of earning profits’’ as observed at page 150 as under:- The aforesaid discussion leads to the following result: The expression "for the purpose of earning business" is wider in scope than the…

Hero Cycles (P) Ltd vs. Commissioner of Income Tax (Central)

Appeal is allowed, thereby setting aside the order of the

C.A. No.-000514-000514 - 2008Supreme Court05 Nov 2015
Section 36(1)(iii)

…Page 1 JUDGMENT 'REPORTABLE' IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 514 OF 2008 HERO CYCLES (P) LTD. ... Appellant VERSUS COMMISSIONER OF INCOME TAX (CENTRAL), LUDHIANA ... Respondent J U D G M E N T A. K. SIKRI, J. The present appeal preferred by the assessee pertains to the Assessment Year 1988-1989. In the income tax return filed by the assessee for the aforesaid Assessment year, the assessee, inter alia, claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) of the Income Tax Act (her…

Hero Cycles (P) Ltd vs. Commissioner of Income Tax (Central)

Appeal is allowed, thereby setting aside the order of the

C.A. No.-000514-000514 - 2008Supreme Court05 Nov 2015
Section 36(1)(iii)

…Page 1 JUDGMENT 'REPORTABLE' IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 514 OF 2008 HERO CYCLES (P) LTD. ... Appellant VERSUS COMMISSIONER OF INCOME TAX (CENTRAL), LUDHIANA ... Respondent J U D G M E N T A. K. SIKRI, J. The present appeal preferred by the assessee pertains to the Assessment Year 1988-1989. In the income tax return filed by the assessee for the aforesaid Assessment year, the assessee, inter alia, claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) of the Income Tax Act (her…

J.P. Morgan Services India P. Ltd, Mumbai vs. ITO RG 8(2)(2), Mumbai

In the result, Cross Objection filed by the assessee is dismissed and Assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

ITA 5301/MUM/2011[2003-04]Status: DisposedITAT Mumbai30 Oct 2015AY 2003-04

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2003-04 J.P. Morgan Services Ito Rg 8(2)(2) India P. Ltd. बनाम/ 707A, C-10 7Th Floor, 9Th Floor, B Wing, Prism Bandra Kurla Complex Vs. Towers Mindspace, Bandra (E) Malad (W) Mumbai-51 Mumba-40004 (Assessee) (Revenue) P.A. No.Aabcd0503B Assessment Year: 2003-04 Ito Rg 8(2)(2) J.P. Morgan Services India P. 707A, C-10 7Th Ltd. बनाम/ Floor, Bandra 9Th Floor, B Wing, Prism Towers Vs. Kurla Complex Mindspace, Malad (W) Bandra (E) Mumba-40004 Mumbai-51. (Revenue) (Respondent) P.A. No. Aabcd0503B

For Appellant: 2. It is noted that the cross objection has been filed by the assessee beyond th
Section 143(3)Section 250Section 32

…as deduction u/s 30 or section 37(1). Reliance was placed on the following decisions:- i)Vijay International vs. ACIT 253 ITR 26 ii)CIT vs. Western India Sea Food (F) Ltd. 199 ITR 77 iii) Juderchand Harisam vs.CIT 23 ITR 437 iv) CIT vs. Malayalam Plantations 53 ITR 140 8.3. In view of the submissions of the assessee and case laws relied upon therein, Ld. CIT(A) held that these expenses were revenue in the nature and were incurred for the purpose of business, and accordingly, addition made by the AO was deleted by him. 8.4. We have gone through submissions made by both the sides very carefully and the orders of…

M/S Vodafone East Ltd.(Formerly Known As Vodafone Essar East Limited), Kolkata vs. A.D.I.T Range - 7, Kol., Kolkata

In the result, the appeal of the revenue in ITA No

ITA 1864/KOL/2012[2009-10]Status: DisposedITAT Kolkata15 Sept 2015AY 2009-10

Bench: Shri Mahavir Singh & Shri M. Balaganesh

Section 143(3)Section 194ISection 40

…incurred on grounds of commercial expediency. It has been repeatedly held by this court that the expression “for the purpose of business” is wider in scope than the expression “for the purpose of earning profits” vide CIT vs Malayalam Plantations Ltd (1964) 53 ITR 140 , CIT vs Birla Cotton Spinning & Weaving Mills Ltd (1971) 82 ITR 166. The High court and the other authorities should have examined the purpose for which the assessee advanced the money to its sister concern, and what the sister concern did with this money, in order to decide whether it was for commercial expediency, but that has not been done. Wh…

Commissioner of Income Tax vs. Discovery Communication India

The appeals are disposed of

ITA/1297/2010HC Delhi24 Nov 2014
Section 260A

…ld be for the purpose of business and not for the purpose of earning income. (see Sree Meenakshi Mills Ltd. vs. CIT (1967) 63 ITR 207 (SC) and CIT vs. Birla Spinning and Weavings Ltd. (1971) 82 ITR 166 (SC). In CIT v. Malayalam Plantations Ltd. [1964] 53 ITR 140 (SC), it has been observed : “The expression "for the purpose of the business" is wider in scope than the expression "for the purpose of earning profits". Its range is wide : it may take in not only the day to day running of a business but also the rationalization of its administration and modernization of its machinery; it may include meas…

M/S Canara Bank Bsca Section vs. The Asst Commissioner of Income Tax Circle-11(2)

ITA/1397/2006HC Karnataka12 Nov 2013

Bench: N.KUMAR,RATHNAKALA

Section 143Section 260

…uct any expenditure laid out or expended wholly and exclusively for the purposes of the business. Considering the scope of the expression ‘for the purposes of the business or profession’, in its decision in the case of CIT v. Malayalam Plantations Ltd., 53 ITR 140 the Supreme Court has observed that it may take into account not only the day to day running of a business also the rationalization of its - 9 - administration and modernization of its machinery, it may include measures for the preservation of the business and for the protection of its assets and property from expropriation, coerci…