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TMI BlogCertain sums deemed as profits and gains of business or profession.X X X X Extracts X X X X X X X X Extracts X X X X ..... ject to the provisions of sub-section (2):-- (a) where an allowance or deduction has been allowed in respect of any loss, expenditure or trading liability incurred by the assessee during any tax year, then,- (i) the value of any benefit accruing to the assessee by way of cessation or remission of such trading liability, including a unilateral act of write-off of such liability in his accounts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the asset [B], then- [A] - [C]; or (ii) in any other case,- [B] - [C]; (c) in a case where an asset representing expenditure of a capital nature on scientific research, referred to in section 45(1)(a) or (c) is sold, without having been used for other purposes, and the sale proceeds together with the total deductions allowed under that section exceed the amount of capital expenditure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an allowance or deduction has been made in assessment for any earlier tax year towards the trading liability, loss or expenditure incurred; (b) in respect of sub-section (1)(b), only when the asset owned by the assessee, has been used for the purpose of business, and depreciation has been claimed and allowed thereon under section 33; (c) in respect of sub-section (1)(c) of the said sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be chargeable to income-tax as income in the hands of successor in business. (5) The provisions of sub-section (1)(b), (c), (d) and (e) shall apply in a tax year even if the business is no longer in existence. (6) In this section,-- (a) "sold" includes a transfer by way of exchange or a compulsory acquisition under any law for the time being in force but does not include a transfer, in a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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