Business means the purchase and sale or manufacture of a commodity with a view to make profit.It includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce for manufacture. It is not necessary that there should be a series of transactions in a business and that it should be carried on permanently. Nether repetition of continuity of similar transaction is necessary. Profit of an isolated transaction is also taxable under this head, provided that it is a venture in the nature of business or trade. In this connection it is important that the intention of purchase or manufacture should be to sell at a profit.
