Section 41(4A) - Amount withdrawn from special reserve - Income Tax - Ready Reckoner - Income Tax

Section 41(4A) : Amount Withdrawn from Special Reserve Where a deduction has been allowed in respect of any special reserve created and maintained u/s 36(1)(vii) by certain financial institution and any amount is withdrawn from such reserve, it will be chargeable to tax as profits of business or profession in the year in which the amount is withdrawn. Where such amount is withdrawn in a previous year in which the business is no longer in existence then the provisions of this section shall apply as if the business is in existence in that previous year.