Setback for Chartered Accountants; Word 'business' does not include 'profession' to allow deduction under Clause (iv) of Sec 32(1) of I-T Act : SC Larger Bench
THE key Section of Income tax which is involved in this dispute is Sec 32. It allows depreciation on various types of capital assets acquired to run business or profession. The core issue is about whether the word ''business' in Clause (iv) of Sec 32(1) also includes 'profession' for allowing deduction? And the answer given by the Larger Bench of Apex Court is that there is nothing in Section 32(1)(iv) which envisages the scope of word "business" to include in it "profession" as well.
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