<h1>Supreme Court Rules: 'Business' Doesn't Include 'Profession' for Depreciation u/s 32(1)(iv) of Income Tax Act.</h1> A firm of Chartered Accountants in Ahmedabad claimed initial depreciation on a building constructed for its low-paid employees under Section 32(1)(iv) of the Income Tax Act, 1961. The claim was rejected by the Income Tax Officer, as the provision applies to 'business' and not 'profession.' The Supreme Court upheld this decision, stating that interpreting 'business' to include 'profession' would contravene the Act's provisions. The appellant's argument for a purposive interpretation to include 'profession' was dismissed, reinforcing that the term 'business' does not encompass 'profession' for depreciation purposes under the specified section.