While Section 41 dealt with Certain Expenses or losses against which certain amount was received late

This Section covers Income against which any amount received.


As per Secrion 176(4)

If any amount received against any discontinued business/profession ,

then it will be taxable in the hands of recipient

in the year received

in the same manner it would have been

had the business not discontinued.


Receipent may be person or his successor

  1. Income Tax
  2. PGBP Income
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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 7 years. He provides courses for Mathematics and Science from Class 6 to 12. You can learn personally from here https://www.teachoo.com/premium/maths-and-science-classes/.