Amount withdrawn from special reserve - (New) Section 38(1)(e) / (Old) Section 41(4A)

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....special reserve: • Any amount withdrawal from such reserve is taxable in the year of withdrawal. Set-off of Unabsorbed Loss After Discontinuance of Business [ Section 38(3) ] • The provision applies only when the business/profession has already been discontinued. • The set-off is allowed only against income taxable under section 38(1)(e). ....