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CA IPCC PGBP 70 Profits chargeable to tax Section 41(1)

Chargeability even if the business ceases to ExistRecovery of loss or expenditure earlier claimed as a deductionWhere any loss or expenditure has been allowed as deduction and subsequently any amount is received in respect of such loss or deduction, then the amount so received shall be deemed to be the Income of the Previous year when it is received.Deduction of trading liability and subsequently there is a remission or cessation of the trading liabilityWhere a deduction has been allowed in respect of a trading liability and subsequently there is a remission or cessation of such trading liability then the amount so remitted/ceased shall be deemed to be the income of Previous Year of remission/ cessation
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