https://www.taxtmi.com/acts?id=51569 Certain receipts and recoveries are deemed profits and gains of business or profession and charged to tax when received, including remission or cessation of trading liabilities, recoveries of previously deducted losses or expenditures, gains on disposal of tangible assets where proceeds exceed written down value, excess on sale of research capital assets, recoveries of bad debts previously allowed as deductions, and withdrawals from special reserves; conditions require prior allowance or deduction, business use and depreciation where relevant, and taxability extends to successors and to cases where the business has ceased. en-us Wed, 13 Aug 2025 18:50:29 +0530 Sat, 23 Aug 2025 13:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51569 Certain receipts and recoveries are deemed profits and gains of business or profession and charged to tax when received, including remission or cessation of trading liabilities, recoveries of previously deducted losses or expenditures, gains on disposal of tangible assets where proceeds exceed written down value, excess on sale of research capital assets, recoveries of bad debts previously allowed as deductions, and withdrawals from special reserves; conditions require prior allowance or deduction, business use and depreciation where relevant, and taxability extends to successors and to cases where the business has ceased. Act-Rules Income Tax Wed, 13 Aug 2025 18:50:29 +0530 https://www.taxtmi.com/acts?id=51569