Certain sums deemed as profits and gains of business or profession.

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.... manner specified below, subject to the provisions of sub-section (2):-- (a) where an allowance or deduction has been allowed in respect of any loss, expenditure or trading liability incurred by the assessee during any tax year, then,- (i) the value of any benefit accruing to the assessee by way of cessation or remission of such trading liability, including a unilateral act of wr....

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....the asset together with the scrap value [A] is less than the actual cost of the asset [B], then- [A] - [C]; or (ii) in any other case,- [B] - [C]; (c) in a case where an asset representing expenditure of a capital nature on scientific research, referred to in section 45(1)(a) or (c) is sold, without having been used for other purposes, and the sale proceeds toge....

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....shall apply subject to fulfilment of the following conditions:- (a) in respect of sub-section (1)(a), only when an allowance or deduction has been made in assessment for any earlier tax year towards the trading liability, loss or expenditure incurred; (b) in respect of sub-section (1)(b), only when the asset owned by the assessee, has been used for the purpose of business, and de....

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....n sub-section (1)(a), if the benefit accrues to, or amount is obtained, by the successor in business, the value of benefit or the amount shall be chargeable to income-tax as income in the hands of successor in business. (5) The provisions of sub-section (1)(b), (c), (d) and (e) shall apply in a tax year even if the business is no longer in existence. (6) In this section,-- (a) "sold....