Business as defined in section 2(13) of the Act postulates expenses of certain elements in the activity of an assessee which would invest it with character of business. In each case the question whether or not the assessee carried on business must necessarily be approached in the light of the intention of the assessee, having regard to the legal requirements which are associated with the concept of business. The word “business” is used in the sense of an occupation, or profession which occupies time, attention and labour of a person, normally with the object of making profit. To record an activity as a business there must be course of dealing, which is continued or contemplated to be continued with profit motive and not for sport or pleasure. Meeraj Estate And Developers v. CIT [2019] 418 ITR 681 (All).
