(3)Where an asset representing expenditure of a capital nature on scientific research within the meaning of [clause (iv) of sub-section (1), or clause (c) of sub-section (2B), of section 35] [ Substituted by Act 13 of 1980, Section 11, for certain words (w.e.f. 1.4.1981).], read with clause (4) of section 43, is sold, without having been used for other purposes, and the proceeds of the sale together with the total amount of the deductions made under clause (i) [or, as the case may be, the amount of the deduction under ] [Inserted by Act 20 of 1967, Section 33 and Schedule III (w.e.f. 1.4.1968).][clause (ia)] [ Substituted by Act 13 of 1980, Section 11, for certain words (w.e.f. 1.4.1981).][of sub-section (2), or clause (c) of sub-section (2-B), of section 35] [Inserted by Act 20 of 1967, Section 33 and Schedule III (w.e.f. 1.4.1968).] exceed the amount of the capital expenditure, the excess or the amount of the deductions so made, whichever is the less, shall be chargeable to income-tax as income of the business or profession of the previous year in which the sale took place.Explanation. - Where the moneys payable in respect of any asset referred to in this sub-section become due in a previous year in which the business is no longer in existence, the provisions of this sub-section shall apply as if the business is in existence in that previous year.
