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

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Union of India - Subsection

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

(a)the first-mentioned person has obtained, whether in cash or in any other manner whatsoever, any amount in respect of such loss or expenditure or some benefit in respect of such trading liability by way of remission or cessation thereof, the amount obtained by such person or the value of benefit accruing to him shall be deemed to be profits and gains of business or profession and accordingly chargeable to income-tax as the income of that previous year, whether the business or profession in respect of which the allowance or deduction has been made is in existence in that year or not; or

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Union of India - Subsection

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