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34. Determination of business expenditure
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34. Determination of business expenditure.—(1) The amount of business expenditure referred to in sub-section (3) of section 32 shall be the aggregate of the following amounts, namely :—
(a) the operating expenditure referred to in section 35, incurred by the person for the purposes of the business carried on during the financial year ;
(b) finance charges referred to in section 36, incurred by the person for the purposes of the business carried on during the financial year ;
(c) capital allowances referred to in section 37, in respect of the business carried on by the person during the financial year.
(2) The provisions for deduction of capital allowances referred to in sub-section (1) shall apply, whether or not the person has claimed the deduction in computing the total income.
(3) The Assessing Officer may restrict the amount of deduction under this section to such amount as he considers appropriate having regard to the use of a business asset if such asset is not exclusively used for the purposes of the business.
Clause 34, inter alia, provides that the amount of business expenditure shall be aggregate of the operating expenditure, finance charges and capital allowances.
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