Section 41(1)(b) in The Income Tax Act, 1961

[Cites 0, Cited by 11] [Section 41(1)] [Section 41] [Entire Act]

Union of India - Subsection

Section 41(1)(b) in The Income Tax Act, 1961

(b)the successor in business has obtained, whether in cash or in any other manner whatsoever, any amount in respect of which loss or expenditure was incurred by the first-mentioned person or some benefit in respect of the trading liability referred to in clause (a) by way of remission or cessation thereof, the amount obtained by the successor in business or the value of benefit accruing to the successor in business shall be deemed to be profits and gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year.

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Union of India - Subsection

Section 41(1)(b) in The Income Tax Act, 1961