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Section 41(1) - Recovery of expenditure & Remission and cessation of trading liability

Income Tax - Profit and Gains of Business or Profession - 63 - SEC - 41(1): RECOVERY OF EXPENDITURE & REMISSION AND CESSATION OF TRADING LIABILITY Where any loss or expenditure has been allowed as deduction and subsequently any amount is received in respect of such loss or expenditure, then the amount so received shall be deemed to be the income under the head PGBP of the previous year in which such amount is received. This shall apply even if the business is not in existence. Where any dedu .....

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