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of <h1>Recovered amounts from prior business deductions are taxable as business income in year of receipt, successors also liable</h1> Where a previous deduction or allowance was claimed for business loss, expenditure, bad debt, depreciation or certain reserves and later that loss, expenditure, debt or liability is remitted, recovered, written off, or otherwise yields a benefit or proceeds exceed written down/capital cost, the amount of such recovery or excess is deemed business or professional income and taxable in the year of receipt, even if the business has ceased. Successors in business on amalgamation, demerger or succession are similarly taxed. Specific rules treat recoveries on depreciable assets, scientific research capital assets and special reserves, and permit set-off of unabsorbed non-speculative losses against such deemed income.
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