physical assets

Valuation of Business

The etymology of business refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate profit.
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Condition precedent for claiming deduction under section 42 of IT Act : ITAT Ahemdabad

CASE LAW DETAILS Decided by:. ITAT, `C’ BENCH, AHMEDABAD In The case of: ACIT v.Niko Resources Ltd. Appeal No. : ITA NOS. 661 & 789/AHD/2005 Decided on: FEBRUARY 29, 2008 SUMMARY OF CASE LAW Only such deduction are allowed under section 42(1) as are specified in the agreement (PSC) and that too when they fall [...]
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