https://www.taxtmi.com/manuals?id=1142 Amounts recovered in respect of a previously allowed loss or expenditure, and benefits arising from remission or cessation of a trading liability, are treated as business income where a deduction or allowance had earlier been granted for the same item. The provision applies only where the earlier allowance or deduction was actually granted in assessment in respect of a loss, expenditure, or trading liability of revenue character. The charge extends to the successor in business where the benefit accrues to, or the amount is received by, the successor. en-us Tue, 15 Sep 2015 11:28:00 +0530 Sat, 02 May 2026 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1142 Amounts recovered in respect of a previously allowed loss or expenditure, and benefits arising from remission or cessation of a trading liability, are treated as business income where a deduction or allowance had earlier been granted for the same item. The provision applies only where the earlier allowance or deduction was actually granted in assessment in respect of a loss, expenditure, or trading liability of revenue character. The charge extends to the successor in business where the benefit accrues to, or the amount is received by, the successor. Manuals Income Tax Tue, 15 Sep 2015 11:28:00 +0530 https://www.taxtmi.com/manuals?id=1142