22.  Income from business or profession:-

The following incomes shall be chargeable under the head "Income from business or profession", namely:-

(a)   profits and gains of any business or profession carried on, or deemed to be carried on, by the assessee at any time during the income year;

(b)   income derived by any trade, professional and similar association from specific services performed for its members; and

(c)   value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession.

Explanation. -Where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business carried on by the assessee.