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In the result appeal filed by assessee in ITA no
Bench: Shri Vijay Pal Rao & Shri Ramit Kochar
221 ITR 18,21 (Mad.), Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under: “It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with