Business when teated distinct and separate.
31. (1) A business shall be distinct and separate from another business if there is no interlacing or inter-dependence between the 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, manufacturing or trading the same goods as in the other business and such unit is located physically apart from the other unit;
(b) the unit of the business is processing, producing or manufacturing the same goods as in the other business and utilises 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 the business; or
(d) it is a business in respect of which profits are determined under sub-section (2) of section 32.
(3) A speculative business shall be deemed to be distinct and separate from any other business including other speculative business.
