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[Cites 0, Cited by 0] [Section 38(1)] [Section 38] [Entire Act]

Union of India - Subsection

Section 38(1)(a) in The Income Tax Act, 2025

(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 write-off of such liability in his accounts, in a subsequent tax year in which such benefit accrues; or
(ii)any amount obtained by the assessee, whether in cash or otherwise, in respect of such loss or expenditure incurred, in subsequent tax year in which the amount is obtained,whether the business or profession in respect of which the allowance or deduction was made is in existence in such subsequent tax year or not;