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Income from business: separate businesses computed independently and post discontinuance receipts taxed in year of receipt. Income from business is computed under a dedicated head for any business carried on during a financial year; distinct and separate businesses are computed separately; receipts after discontinuance are treated as income of the recipient in the year of receipt and computed under the Income from business head.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Income from business: separate businesses computed independently and post discontinuance receipts taxed in year of receipt.</h1> Income from business is computed under a dedicated head for any business carried on during a financial year; distinct and separate businesses are computed separately; receipts after discontinuance are treated as income of the recipient in the year of receipt and computed under the Income from business head.
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