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Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24] --Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846. Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupation, employment, Kesavan Nair v. C.K. Babu Naidu, AIR 1954 Mad 892. Though ordinarily 'business' implies a continuous activity in carrying on a particular trade or avocation, it may also include an activity which may be called 'quiescent', CIT v. Calcutta National Bank Ltd., AIR 1959 SC 928 (934): 1960 SCJ 980: (1959) 37 ITR 171: (1959) Supp 2 SCR 660. S. 2(5) Excess Profit Tax Act, 1940. Business includes any activity carried on by a corporation or association and 'place of business' must be construed accordingly, Halsbury's Laws of England, Vol. 8(1), 4th Edn., Para 636, p. 485. Business includes a profession and the activities of any government department or local or public authority, Halsbury's Laws of England, Vol. 2, 4th Edn., Para 1855, p. 872. Business includes any activity carried on by a corporation or association and 'place of business' must be construed accordingly, Halsbury's Laws of England, Vol. 8(1), 4th Edn., Para 636, p. 485. Business includes carrying on of any trade, profession or vocation and the discharge of the functions relating to any office or employment, Halsbury's Laws of England, Vol. 8(1), 4th Edn., Para 1255, p. 987. The word 'business' means an enterprise which is an occupation as distinguished from pleasure, Secretary Madras Gymkhana Club Employees Union v. Management of the Gymkhana Club, AIR 1968 SC 554 (563): (1968) 1 SCR 742. [Industrial Disputes Act (14 of 1947), s. 2 (7)] 'business' includes - (i) any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce, manufacture, adventure or concern is carried on with motive to make gain or profit and whether or not any profit accrues from such trade, commerce, manufacture, adventure or concern; and (ii) any transaction in connection with, or incident or ancillary to, such trade, commerce, manufacture adventure or concern ....... [Rajasthan Sales Tax Act, 1954, s. 2(cc)], Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054 (2057): (1971) 2 SCC 532. The expression 'business', as observed by Shah, J. speaking for the Court in the case of State of Gujarat v. Raipur Mfg. Co., (1967) 1 SCR 618: AIR 1967 SC 1066: (1967) 19 STC 1, though extensively used in taxing statues, is a word of indefinite import. In taxing statutes, it is used in the sense of an occupation, or profession which occupies the time, attention and labour of a person, normally with the object of making profit. To regard an activity as business there must be a course of dealings, either actually continued or contemplated to be continued with a profit motive, and not for sport or pleasure. Whether a person carries on business in a particular commodity must depend upon the volume, frequency, continuity and regularity of transaction of purchase and sale in a class of goods and the transactions must ordinarily be entered into with a profit motive, Sole Trustee, Loka Shikshana Trust v. CIT, (1976) 1 SCC 254: AIR 1976 SC 10 (16): (1976) 1 SCR 461. The word ' business' is one of wide import and it means an activity carried on continuously and systematically by a person by the application of his labour or skill with a view to earning an income. In the context in which the expression 'business connection' is used in s. 9(1) of the Act, there is no warrant for giving a restricted meaning to it excluding 'professional connections' from its scope, Barendra Prasad Ray v. ITO, (1981) 3 SCR 387: (1981) 2 SCC 693: AIR 1981 SC 1047 (1054). [Income Tax Act, 1961 (43 of 1963), s. 9(1)] The word 'business' connotes some real, substantial and systematic or organised course of activity or conduct with a set purpose. The word 'business' is one of wide import and it means an activity carried on continuously and systematically by a person by the application of his labour or skill with a view to earning an income, CBI v. V.C. Shukla, (1998) 3 SCC 410: AIR 1998 SC 1406: 1998 Cr LJ 1905 (SC). Includes every trade, occupation and profession. [Indian Partnership Act, 1932, s. (b)] Includes--(i) any trade, commerce or manufacture, or any adventure or concern in the nature of trade commerce or manufacture, whether or not such trade, commerce, manufacture, adventure or concern is carried on with a motive to make gain or profit and whether or not any gain or profit accrues from such trade, commerce, manufacture, adventure or concern; and (ii) any transaction in connection with or incidental or ancillary to, such trade, commerce, manufacture, adventure or concern. [Central Sales Tax Act, 1956 (74 of 1956), s. 2 (aa)] Business is a wider term than 'trade' and may include hiring land and employing a manager to farm it, but does not include the activities of a mutual land society, composed of a number of persons who subscribed to form a fund to be used in buying land which is to be divided among the subscribers, nor the activities of an association of persons who contribute sums to be applied in relieving its members in the case of sickness, the balance being distributable at the end of each year, Halsbury's Laws of England, Vol. 7(1), 4th Edn., Para 22, p. 30. Business includes profession, Halsbury's Laws of England, Vol. 7(1), 4th Edn., Para 162, p. 116. Business does not mean affairs of a society because election of office-bearers, conduct of general meetings and management of a society would be treated as affairs of a society. The 'Business' has been used in a narrower sense and it means the actual trading or commercial or other similar business activity of the society which the society is authorized to enter into under the Act and the rules and its bye-laws, Morinda Co-op. Sugar Mills Ltd. v. Morinda Co-op. Sugar Mills Workers Union, (2006) 6 SCC 80. Business is a word of wide import. It, in the context of application of a statute governing a monopoly concern and also with an essential commodity, would stand on a different footing from the business concern of a private person, Ashoka Smokeless Coal India (Ltd.) v. Union of India, (2007) 2 SCC 640.

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