income tax
This query is : Resolved
CA Gaurav Gupta
(Querist)
07 September 2008
bad debts recovered in the hands of sucessor from a disconitnued business r exempt or not.
CA E.A.Ravikumar
(Expert)
07 September 2008
Yes. Pl refer 176 (3A)
08 September 2008
yes u/s 176(3A)
conditions are
1.business should have been discontinued.
2.any sum should have been actually received.
3.such sum would have been included in the total income of the person who carried on the business had such sum been received before such discontinuance.
4.such sum is taxable in the hands of the recipient.
conditions are
1.business should have been discontinued.
2.any sum should have been actually received.
3.such sum would have been included in the total income of the person who carried on the business had such sum been received before such discontinuance.
4.such sum is taxable in the hands of the recipient.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Visiting card purchase
- Query on effect of registration of property
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
