Business expenditure defined as operating, finance and capital allowance components; deductions subject to restriction if assets used non exclusively. Clause 34 treats business expenditure as the aggregate of operating expenditure, finance charges and capital allowances incurred for the business during the financial year. Capital allowance deductions apply whether or not claimed in computing total income. The Assessing Officer may restrict deductions to an appropriate amount where a business asset is not used exclusively for business purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Business expenditure defined as operating, finance and capital allowance components; deductions subject to restriction if assets used non exclusively.
Clause 34 treats business expenditure as the aggregate of operating expenditure, finance charges and capital allowances incurred for the business during the financial year. Capital allowance deductions apply whether or not claimed in computing total income. The Assessing Officer may restrict deductions to an appropriate amount where a business asset is not used exclusively for business purposes.
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