As per Section 2(13) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘business’ includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.
It may be noted that income from ‘Business’ is chargeable to income-tax under the head “Profits and gains of business or profession” as per Section 28 of the Income Tax Act, 1961.
Business means some activity carried on by devoting time, attention and labour either by the owner himself or through others?
An isolated transaction may be considered as business?