Distinct and separate business
29. (1) A business shall be distinct and separate from another business if there is no interlacing, inter-dependence or unity embarrassing the two businesses.
(2) A business shall be deemed to be distinct and separate from another business, if-
(a) the unit of the business is processing, producing or manufacturing the same goods as in the other business and such unit is located physically apart from other unit;
(b) the unit of the business is producing, processing or manufacturing the same goods as in the other business and utilizes raw material or manufacturing process, which is different from the raw material or the manufacturing process of the other unit;
(c) separate books of account are maintained or capable of being maintained, for such business; or
(d) it is a business in respect of which profits are determined under sub-section (2) of section 30.
(3) Speculative transactions carried on in the nature of a business ('speculative business') shall be deemed to be distinct and separate from any other business.
