Profits chargeable to tax

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....profession". (2) ^1[****] (3) ^2[****] Explanation.- ^3[****]     ************** NOTES:- 1.  Omitted vide Section 32 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1988 before it was read as, "(2) When any building, machinery, plant or furniture to which clauses (ii) and (iii) of sub-section (2) of ....

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.... of the building, the provisions of sub-section (2A) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56 as they apply in computing the income of an assessee under the head "Profits and gains of business or profession"." Earlier, Inserted vide Section 15 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 3. Omitted vide Se....