https://www.taxtmi.com/acts?id=48690 Amounts withdrawn from a special reserve previously allowed as a deduction under the reserve clause are deemed to be profits and gains of business or profession and are chargeable to tax in the previous year of withdrawal; if withdrawal occurs after business cessation, the amount is treated as income of that previous year as if the business were in existence. The related subsection cross reference is amended to include this deeming provision. en-us Thu, 13 Feb 2025 17:36:47 +0530 Thu, 13 Feb 2025 17:36:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48690 Amounts withdrawn from a special reserve previously allowed as a deduction under the reserve clause are deemed to be profits and gains of business or profession and are chargeable to tax in the previous year of withdrawal; if withdrawal occurs after business cessation, the amount is treated as income of that previous year as if the business were in existence. The related subsection cross reference is amended to include this deeming provision. Act-Rules F. Acts / Amendment Acts Thu, 13 Feb 2025 17:36:47 +0530 https://www.taxtmi.com/acts?id=48690