https://www.taxtmi.com/acts?id=3577 Where a prior allowance or deduction was made for loss, expenditure or trading liability, any subsequent amount obtained or benefit arising in respect of that item is deemed to be profits of the business or profession and chargeable to tax in the year of receipt; this deeming also applies to amounts obtained by a successor in business and to receipts from disposal of depreciable assets or capital research assets where proceeds exceed written down value or capital cost, and to recoveries of bad debts and withdrawals from specified reserves. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 16:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3577 Where a prior allowance or deduction was made for loss, expenditure or trading liability, any subsequent amount obtained or benefit arising in respect of that item is deemed to be profits of the business or profession and chargeable to tax in the year of receipt; this deeming also applies to amounts obtained by a successor in business and to receipts from disposal of depreciable assets or capital research assets where proceeds exceed written down value or capital cost, and to recoveries of bad debts and withdrawals from specified reserves. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3577