https://www.taxtmi.com/manuals?id=1146 Any amount withdrawn from a special reserve, where deduction had earlier been allowed for creating and maintaining that reserve, is taxable in the year of withdrawal as profits and gains of business or profession. The tax treatment continues even if the business no longer exists. On discontinuance of business or profession, only unabsorbed business loss of the year of cessation may be set off, and only against income taxable on such withdrawal, excluding speculation loss. en-us Tue, 15 Sep 2015 11:30:00 +0530 Wed, 06 May 2026 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1146 Any amount withdrawn from a special reserve, where deduction had earlier been allowed for creating and maintaining that reserve, is taxable in the year of withdrawal as profits and gains of business or profession. The tax treatment continues even if the business no longer exists. On discontinuance of business or profession, only unabsorbed business loss of the year of cessation may be set off, and only against income taxable on such withdrawal, excluding speculation loss. Manuals Income Tax Tue, 15 Sep 2015 11:30:00 +0530 https://www.taxtmi.com/manuals?id=1146