Write-Back as Capital Liability: Tax Implications u/s 2(24) and Section 41(1) for Asset Recalculation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Trading liability or capital liability - income u/s 2(24) read with section 41(1) - The write back under reference a receipt of capital nature. - however the cost of the relevant assets would be required to be recomputed - AT....