https://www.taxtmi.com/caselaws?id=13950 The Tribunal held that the assessee, a firm of chartered accountants, was not entitled to deduction under section 32(1)(iv) of the Income-tax Act, 1961, for a building erected during the financial year ending March 31, 1984. The Tribunal emphasized the distinction between "business" and "profession" as used in the statute, ruling that the deduction applied only to businesses and not professions. The decision favored the Revenue over the assessee, with no order as to costs, affirming the legislative intent behind the specific language of the provision. en-us Thu, 16 Aug 2001 00:00:00 +0530 Mon, 06 Jul 2009 12:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13950 The Tribunal held that the assessee, a firm of chartered accountants, was not entitled to deduction under section 32(1)(iv) of the Income-tax Act, 1961, for a building erected during the financial year ending March 31, 1984. The Tribunal emphasized the distinction between "business" and "profession" as used in the statute, ruling that the deduction applied only to businesses and not professions. The decision favored the Revenue over the assessee, with no order as to costs, affirming the legislative intent behind the specific language of the provision. Case-Laws Income Tax Thu, 16 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13950