Pride Foramer S.A. vs. Commissioner of Income Tax & Anr. 2025 INSC 1247

Can a temporary pause in operations mean a business has ceased to exist? Supreme Court ruled that even during a lull, efforts to secure new contracts reflect the intent to continue business activity. The Court held that business deductions and depreciation benefits cannot be denied merely for lack of an active contract or a local office. A key reminder that “intent to do business” matters as much as execution.Statutes:✅ Section 37, 71, 32(2), 4, 5, 9(1) – Income Tax Act, 1961#SupremeCourt #IncomeTaxAct #BusinessLaw